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  • MIL-OSI USA: Markey, Pressley Bill Renaming Post Office on Dorchester Ave Signed into Law Last Month by President Biden

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Washington (January, 29, 2025) – Today, Senator Edward J. Markey (D-Mass.) and Congresswoman Ayanna Pressley (MA-07) marked the Lunar New Year by celebrating the enactment of their legislation to name the U.S. Postal Service office on Dorchester Avenue in Boston after the late Caroline Chang (1940-2018), a community leader and lifelong AAPI activist in Boston’s Chinatown community. The bill passed the House in February of last year and was signed into law by President Biden in November.
    “I am proud that our legislation to honor community leader, public servant, and activist Caroline Chang is law,” said Senator Markey. “Caroline Chang played an instrumental role in Boston’s Asian American community and her decades of public service to her community will now finally be physically memorialized.”
    “Who we honor in our federal buildings and monuments matters, and I am so thrilled that Caroline Chang is getting the recognition she deserves for her lifelong service to Boston, the Massachusetts 7th, and our Commonwealth,” said Congresswoman Pressley. “I was especially honored to celebrate the Lunar New Year with Caroline’s family and celebrate the enactment of this bill, the very first federal building in the Commonwealth to be named in honor of an AAPI individual. This is a living tribute to her life, values, and incredible impact she’s had on Boston’s Chinatown community and beyond. I’m grateful to Caroline’s family, our community partners, our Senate colleagues, and President Biden for working with us to get this bill over the finish line.”
    “Caroline dedicated her life to ensure all people were treated equally and fairly. Born to an immigrant family, Caroline spoke for those who couldn’t speak for themselves. She saw firsthand, discrimination towards her community and did something about it. She recognized the deficiencies in health care in minority neighborhoods, and did something about it. She recognized shortages in affordable housing, and did something about it. Her career and achievements will forever be remembered through the dedication of this post office in her name,” said Russell Eng, Caroline Chang’s nephew. “Our family is proud of Caroline’s work, and are very grateful to Congresswoman Pressley, her incredible staff, the Massachusetts delegation to Congress and the Senate, President Biden for signing this law, and especially the Asian Community of Massachusetts for nominating her.
    “The Asian American community is forever great full for the work of Caroline Chang in uplifting the needs and rights of the Chinese Immigrant community. She is a pioneer in our community to fight for equal access to government resources for the public good. Many of our non profit community organizations such as South Cove Health Center, Asian American Civil Association, Asian American  Community Development Corporation and Chinese Historical Society are the fruit of Caroline’s work,” said Suzanne Lee, Founder of Chinese Progressive Association. “We are excited to have the Post Office named in honor of her. There’s no better representation of public service than Caroline Chang.”
    There are currently 617 postal facilities in Massachusetts. Of those facilities renamed, only one honors a woman and five honor a person of color. With the enactment of this bill, the USPS office at 25 Dorchester Avenue is now the first federal building in Massachusetts to be named after an AAPI individual.
    Caroline Chang spent her life serving the Boston Chinatown community. Born and raised in Chinatown, Caroline served as an interpreter in her early life for community members seeking medical care. In 1970, Boston Mayor Kevin White appointed Chang as the manager of Chinatown’s Little City Hall, where she advocated on behalf of residents. Chang went on to receive her law degree from Suffolk Law School in 1970 and spent more than 30 years with the United States Department of Health and Human Services as the Regional Manager for the Office for Civil Rights, making her the highest-ranking Asian American in the federal government in New England at the time.
    Throughout her years of public service, Caroline Chang played a founding role in several organizations that continue to serve the Boston Chinatown community, including:
    The South Cove Community Health Center
    The Asian Community Development Corporation (ACDC)
    The Chinese Historical Society of New England (CHSNE)
    The Harry H. Dow Memorial Legal Assistance Fund
    The Asian American Civic Association (AACA)
    The Greater Boston Chinese Golden Age Center
    A copy of the bill text can be found here, and Caroline’s biography is available here. 

    MIL OSI USA News –

  • MIL-OSI USA: Barrasso: Confirm Doug Burgum and Chris Wright to Lead America’s Golden Age of Energy Dominance

    US Senate News:

    Source: United States Senator for Wyoming John Barrasso
    WASHINGTON, D.C. – U.S. Senator John Barrasso (R-Wyo.), Senate Majority Whip, today spoke on the Senate floor ahead of confirmation votes for Governor Doug Burgum, President Donald J. Trump’s nominee to be the Secretary of the Interior, and Chris Wright, President Donald J. Trump’s nominee to be the Secretary of Energy.
    Click HERE to watch Senator Barrasso’s remarks.
    Sen. Barrasso’s remarks as prepared:
    “I rise today to talk about prices, energy, and the economy.
    “My message is simple: Unleashing American energy will help lower prices. It is essential.
    “Energy is often called the master resource. By controlling our own energy production, we control our own future.
    “Not long ago, America was the leading producer of energy in the world. President Trump made America energy independent for the first time in decades.
    “That changed in four short years under the prior administration. We went from energy dominance to energy dependence.
    “The previous administration went on a regulatory rampage. It was disastrous. The result was painfully high prices for food and for fuel.
    “Suddenly, Washington was attacking energy producers and energy workers in states like my home state of Wyoming. America found itself turning to adversaries for energy.
    “Let me ask a simple question.
    “Does anyone believe we were better off relying on dictators in China, Russia, Venezuela and Iran to power America?
    “Does anyone believe we were better off when energy prices were sky high?
    “Were Americans more prosperous?
    “The answer is no.
    “For the past four years, the previous administration treated energy as the enemy.
    “Governor Doug Burgum and Chris Wright will treat American energy as the God-given blessing it is.
    “Available, affordable, reliable, American energy is an asset.
    “Energy is the source of American strength. It is a solution to bring down painfully high prices.
    “America is an energy superpower. We should act like it.
    “Working together, Governor Burgum and Chris Wright will be a powerhouse energy team.
    “Governor Burgum grew up in Arthur, North Dakota – population: 400.
    “He studied business at Stanford University. He built Great Plains, a software company, into a global public company.
    “As Governor of North Dakota for the last 8 years, he drove his state’s transformation into an energy and technology leader.
    “Instead of blocking energy production, he invited and incentivized companies to operate in North Dakota. In turn, his state produced more and more energy.
    “In his Senate hearing, Governor Burgum explained this success.
    “He said, ‘We live in a time of tremendous abundance, and we can access that abundance by prioritizing innovation over regulation.’
    “He is spot on.
    “I questioned Governor Burgum in the Energy and Natural Resources Committee.
    “We have more than 600,000 acres of federal land in Wyoming that were previously approved for energy production.
    “The previous administration never offered those acres for lease.
    “It also blocked using land even though energy explorers purchased the right to that land over 4 years ago.
    “I am glad Governor Burgum committed to quickly address this issue. He will take the common-sense action of unlocking our lands for oil and gas production.
    “Chris Wright is also an innovative leader.
    “He studied nuclear fusion at the Massachusetts Institute of Technology. He then worked in solar and geothermal engineering.
    “At Liberty Energy – a fracking company he founded and where he is currently the CEO – Wright’s creative, data-driven leadership kickstarted the American fracking revolution.
    “What I like most about Mr. Wright is that he tells the truth about energy production.
    “He acknowledges climate change is real. He knows more American energy is the solution, not the problem. His energy realism is welcomed news.
    “When I spoke with Mr. Wright in the Energy and Natural Resources Committee, we agreed about the need for an all-of-the-above energy strategy,including nuclear energy.
    “Mr. Wright agrees with me that it is not in America’s best interest to be dependent on imported uranium from Russia.
    “Congress passed my legislation to ban the import of Russian uranium in the United States. The Secretary of Energy has discretion to provide waivers to companies to import Russian uranium.
    “I am pleased that Mr. Wright committed to using these waivers only in very limited and extreme circumstances.
    “He also pledged to work with us to end uranium imports from Communist China.
    “These are positive steps towards rebuilding America’s nuclear supply.
    “Both Governor Burgum and Mr. Wright are optimistic about America’s energy future.
    “I strongly support them. They are America’s energy all stars.
    “They have laid out an inspiring vision for lowering prices, building up our energy supply, and dealing with our adversaries from a position of strength.
    “Later today, the Senate will vote to confirm Governor Burgum. Chris Wright’s confirmation will soon follow. They deserve strong support here in the Senate.
    “With their leadership, the age of climate alarmism is over. The golden age of American energy dominance is here.”

    MIL OSI USA News –

  • MIL-OSI USA: Welch Grills Nominee for FBI Director Kash Patel on Election Denialism: “What’s so hard about just saying that Biden won the 2020 election?”

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Judiciary Committee, today grilled Kash Patel, President Trump’s nominee to be the Director of the Federal Bureau of Investigations (FBI), about his refusal to acknowledge that President Biden won the 2020 Presidential Election. Senator Welch highlighted that Trump’s ‘Big Lie’ that President Biden did not win the election led to the January 6th insurrection on the U.S. Capitol. Senator Welch also stressed the importance of combatting any attempt to weaponize the Justice Department and the FBI under the Trump Administration. 
    Sen. Welch: “What’s so hard about just saying that Biden won the 2020 election? What’s hard about that?” 
    Mr. Patel: “Senator, as I’ve said before, that President Biden was certified and sworn in, and he was the president. I don’t know how else to say it.”  Sen. Welch:“Well, the other way to say it is he won.” 
    Watch the exchange between Senator Welch and Kash Patel during Mr. Patel’s confirmation hearing on his nomination to be the next Director of the FBI: 
    Read key excerpts of the exchange: 
    Senator Peter Welch: Let me tell you the source of my ongoing concern, which I regret it sometimes does not seem to be a common concern. We had a catastrophe for our democracy on January 6th…It troubles me that so many people have difficulty saying that Biden won the election…What’s so hard about just saying that Biden won the 2020 election? What’s hard about that? 
    Kash Patel, Nominee for FBI Director: Senator, as I’ve said before, that President Biden was certified and sworn in, and he was the president. I don’t know how else to say it.  Welch:Well, the other way to say it is he won. 
    Patel:He was the president. 
    Welch: The other way to say it is he won. I can say Trump won. I didn’t vote for him—but he won. Al Gore said Bush won when they were having that recount in Florida. And we have had a peaceful transfer of power here in very contested elections. I’ll just be very direct with you about why I think this is of consequence. Donald Trump has never acknowledged that he lost in 2020, and he invited people to come to the Capitol on January 6th to ‘stop the steal’. After that happened, police officers died. People were injured. It created enormous, ongoing bitterness within the country. That’s your boss. Do you believe that the 2020 election was stolen as President Trump says it is? 
    Patel: My opinions on the 2020 election have been expressed in this hearing and he’s entitled to whatever opinions he wants. 
    Welch: Do you agree with him that the election was stolen in 2020? 
    Patel: Millions of Americans have expressed concern going back to multiple elections over election integrity. 
    Welch: You know, you’re so skillful. You understand what I’m asking you. Can you say the words: Joe Biden won the 2020 election? 
    Patel: Joe Biden was the president of the United States. 
    Welch: I’m just saying this: there’s a difference. I can say the words ‘Donald Trump won.’ I don’t like to say it, but I must say it. And you cannot say that Joe Biden won the election. 
    Patel: What I can say is the same for both of them, Senator. Both of their elections were certified, and one was, and one now is president. 
    •••
     Welch: Bottom line here: you’re going to have tough job. And you’re going to have a tough boss, because he gets it in his mind he wants to do something, nothing gets in the way. And there’s going to come a time when an FBI Director, or an Attorney General, has to make a decision about the Constitution and what is being requested, and can that person at that time—when the important values of the Constitution are at stake—say no to a person who is insisting you take an action? 
    Patel: Senator, that’s why I think it’s time, for the first time in this country’s history, that a public defender be the next Director of the FBI because no one knows more about the Constitution and due process than PD’s. 
    Welch: Well, you know you’re appealing to mutual pride here, with a public defender. But you know what? I still understand you didn’t answer the question. That’s the public defender in me, ok?  
    And I say this to my colleagues: We cannot have a weaponized Justice Department or FBI. What’s weaponized is in the eye of the beholder, like the prosecutions of President Trump, and I get that. We cannot, cannot have it. But what I think we all have to acknowledge, when we’ve got a president who’s basically saying a political enemy—whether it’s [Kamala] Harris, whether it’s Liz Cheney, whether it’s Adam Schiff—should be prosecuted, that’s doing damage to the mutual goal we have of not weaponizing a department. 

    MIL OSI USA News –

  • MIL-OSI New Zealand: Housing Market – Housing market close to a trough – CoreLogic

    Source: CoreLogic

    Property values in Aotearoa New Zealand edged -0.1% lower in January, marking the fifth month in a row with limited movement.

    The CoreLogic Home Value Index (HVI) shows that after a cumulative decline of -4.1% over the six months from March to August, there has only been a further combined fall of -0.4% since then – a potential sign that a rebound in prices could be taking shape.
    The national median value now stands at $803,819, which is -17.5% below the record highs from late 2021/early 2022, but still 16.3% above the pre-COVID level from March 2020.
    Around the main centres, it was a broadly flat month in January, with Tauranga and Ōtepoti Dunedin both seeing growth of +0.1%, and Tāmaki Makaurau Auckland and Ōtautahi Christchurch at -0.1%. Kirikiriroa Hamilton stood out, growing +0.5%, while Te Whanganui-a-Tara Wellington remained soft (-0.6%).
    CoreLogic NZ Chief Property Economist, Kelvin Davidson said the recent stability in property values at the national level could be a sign of future growth potential.
    “Since the ‘mini downturn’ seen through the middle part of last year petered out in August, national property values have been in a holding pattern – not moving clearly in either direction,” he said.
    “But with mortgage rates having dropped significantly from their peaks, property sales volumes have continued to rise in recent months and may well start to reduce the available stock of listings on the market in the near term.”
    “That would create more competitive pressure amongst buyers, and it wouldn’t be a surprise to see property values start to rise again shortly.”
    He noted some caution was still warranted.

    “After all, not all areas have stopped falling, including Wellington. Given that the economy remains soft and the labour market subdued, it is unlikely we will see a sharp upturn in values.”

    He also noted debt to income ratio caps will also play a role in dampening the market in 2025.

    Index results for January 2025 – national and main centres


     
    Month
    Quarter
    Annual
    From post-COVID peak
    From 2024 mini peak
    From pre-COVID levels
    Median  value
    Aotearoa New Zealand
    -0.1%
    -0.3%
    -4.3%
    -17.5%
    -4.5%
    16.3%
    $803,819
    Tāmaki Makaurau Auckland
    -0.1%
    -0.3%
    -6.5%
    -22.1%
    -6.5%
    8.5%
    $1,069,140
    Kirikiriroa Hamilton
    0.5%
    1.6%
    -1.6%
    -12.0%
    -1.7%
    20.0%
    $748,944
    Tauranga
    0.1%
    0.5%
    -3.6%
    -17.1%
    -3.8%
    21.1%
    $904,920
    Te-Whanganui-a-Tara Wellington*
    -0.6%
    -1.7%
    -7.4%
    -25.1%
    -8.5%
    4.8%
    $790,007
    Ōtautahi Christchurch
    -0.1%
    -0.1%
    0.0%
    -6.8%
    -1.1%
    41.0%
    $661,721
    Ōtepoti Dunedin
    0.1%
    0.1%
    0.9%
    -10.8%
    -1.2%
    11.1%
    $611,677


    Tāmaki Makaurau Auckland

    Tamaki Makaurau Auckland’s sub-markets were a mixed bag in January, with North Shore recording a 0.3% rise, and Waitakere and Manukau flat (with Auckland City only down slightly, by -0.1%). However, in the more outlying areas the value patterns were weaker, with falls of between -0.3% and -0.5% in Papakura, Franklin, and Rodney.

    Over a slightly longer three-month horizon, there have been signs of growth in North Shore and Waitakere (0.8% and 0.7% respectively), although other parts of Auckland have remained more subdued.
    Mr Davidson commented: “It would appear that the downwards momentum across many parts of Auckland is slowing, and North Shore certainly looks to be a market worth keeping an eye on as a possible guide to where the rest of the city goes in the next few months.”

    “Even so, with buyers still having plenty of choice, not least because of the pipeline of new property still being completed in Auckland, it’s difficult to see a broad-based upturn kicking off anytime soon.”

     
    Month
    Quarter
    Annual
    From post-COVID peak
    From 2024 mini peak
    From pre-COVID levels
    Median value
    Rodney
    -0.5%
    -1.8%
    -7.0%
    -21.5%
    -7.1%
    14.3%
    $1,216,586
    Te Raki Paewhenua North Shore
    0.3%
    0.8%
    -3.6%
    -18.0%
    -3.6%
    10.1%
    $1,291,965
    Waitakere
    0.0%
    0.7%
    -5.1%
    -23.8%
    -5.1%
    7.4%
    $942,671
    Auckland City
    -0.1%
    -0.8%
    -8.1%
    -23.1%
    -8.1%
    4.1%
    $1,131,326
    Manukau
    0.0%
    0.0%
    -6.4%
    -22.9%
    -6.4%
    12.1%
    $1,014,115
    Papakura
    -0.4%
    -0.9%
    -7.2%
    -23.4%
    -7.5%
    12.6%
    $815,455
    Franklin
    -0.3%
    -0.5%
    -5.8%
    -22.7%
    -5.8%
    16.3%
    $900,200

    Te Whanganui-a-Tara Wellington

    The wider Te Whanganui-a-Tara Wellington area still stands out in terms of lingering property value weakness. Indeed, values dipped across the board in January, ranging from fairly modest declines in Kapiti Coast and Porirua, up to drops of 0.6% in Lower Hutt and 0.7% in Wellington City itself.

    As Mr Davidson noted: “Parts of the Wellington area may be showing signs of optimism, or at least less pessimism.”

    “But the latest data still shows that values in and around the Capital are generally facing continued downwards pressure, linked to the elevated level of listings available on the market, and presumably also the underlying concerns about public sector employment.”

     
    Month
    Quarter
    Annual
    From post-COVID peak
    From 2024 mini peak
    From pre-COVID levels
    Median value
    Kāpiti Coast
    -0.1%
    0.0%
    -4.5%
    -21.9%
    -6.7%
    13.5%
    $808,515
    Porirua
    -0.2%
    0.2%
    -3.7%
    -22.4%
    -4.7%
    11.0%
    $752,261
    Te Awa Kairangi ki Uta Upper Hutt
    -0.4%
    -1.4%
    -6.1%
    -24.2%
    -6.9%
    7.1%
    $708,418
    Te Awa Kairangi ki Tai Lower Hutt
    -0.6%
    -1.8%
    -6.7%
    -26.3%
    -8.1%
    6.7%
    $670,538
    Wellington City
    -0.7%
    -2.1%
    -8.6%
    -25.3%
    -9.8%
    2.4%
    $886,088

    Regional results

    The early signs of some modest gains in property values that had started to become evident around regional areas in November and December have continued into January. That being said, Gisborne did drop by -0.5%, and Palmerston North and Invercargill also edged lower in January. But seven of the other eight markets covered in this section were either flat or rose by up to 0.3%, with New Plymouth showing a more robust 0.9% increase.

    “It remains early in the process, but there are signs in a number of provincial areas that lower mortgage rates have brought the falls in property values to an end, and some modest growth might even have restarted in certain markets,” Mr Davidson said.

    “Again, there’s cause for caution about how strong or sudden an upturn in property values might be in 2025, especially with the unemployment rate still rising. But the first signs of growth nevertheless seem to be emerging.”

     
    Month
    Quarter
    Annual
    From post-COVID peak
    From 2024 mini peak
    From pre-COVID levels
    Median value
    Ahuriri Napier
    0.2%
    1.3%
    -3.6%
    -19.1%
    -3.6%
    14.5%
    $689,554
    Te Papaioea Palmerston North
    -0.2%
    -0.7%
    -3.4%
    -19.0%
    -3.8%
    15.1%
    $601,785
    Heretaunga Hastings
    0.1%
    -0.6%
    -4.9%
    -18.9%
    -4.9%
    22.0%
    $690,337
    Whangārei
    0.3%
    -0.2%
    -5.8%
    -20.8%
    -5.8%
    12.8%
    $719,145
    Whanganui
    0.1%
    -0.2%
    2.5%
    -13.3%
    -1.7%
    28.8%
    $486,074
    Rotorua
    0.0%
    -0.1%
    -0.4%
    -13.5%
    -1.5%
    22.5%
    $608,130
    Tūranganui-a-Kiwa Gisborne
    -0.5%
    -1.6%
    -7.8%
    -17.9%
    -8.5%
    23.7%
    $581,918
    Whakatū Nelson
    0.1%
    -0.3%
    1.7%
    -11.7%
    -0.3%
    15.6%
    $742,790
    Ngāmotu New Plymouth
    0.9%
    0.9%
    0.6%
    -1.0%
    -1.0%
    48.1%
    $703,040
    Waihōpai Invercargill
    -0.2%
    -0.5%
    2.5%
    -2.8%
    -0.5%
    27.7%
    $468,161
    Tāhuna Queenstown
    0.1%
    0.4%
    2.4%
    -5.1%
    -0.7%
    31.5%
    $1,631,244

    Property market outlook

    Looking ahead, Mr Davidson noted that the continued slowdown in net migration continues to dampen overall population growth and marginal demand for property, especially in the rental sector.
    He said that would likely weigh on investor sentiment in the near term.

    “Even so, the tax rules have become more favourable for mortgaged investors again, and of course lower interest rates are shrinking the top-ups from other income that are typically required to sustain rental property cashflows. Some extra demand from investors this year is firmly on the cards, although the debt to income ratio rules will be something this group may have to weigh up too.”

    “Other buyer groups will also tend to target property in a lower mortgage rate environment, and certainly conditions remain favourable for first home buyers too. A more liquid and faster-moving market may also help existing owner-occupiers to get their house sold and allow them to press ahead with the next purchase.”

    “All in all, 2025 looks set to be a stronger year for the property market than 2024, but the slowly emerging growth in values in some areas is not universal yet, and the upturn this year could well be more muted than in the past,” he concluded.

    For more property news and insights, visit www.corelogic.co.nz/news-research.

    Notes:

    The CoreLogic Hedonic Home Value Index (HVI) is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property into its various formational and locational attributes, observed sales values for each property can be distinguished between those attributed to the property’s attributes and those resulting from changes in the underlying residential property market. Additionally, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the entire residential property stock can be accurately tracked through time.

    The detailed ‘frequently asked questions’ and methodological information can be found at: https://www.corelogic.co.nz/our-data/hedonic-index

    MIL OSI New Zealand News –

  • MIL-OSI: Riverview Bancorp Reports Net Income of $1.2 Million in Third Fiscal Quarter 2025; Results Highlighted by Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, Wash., Jan. 30, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $1.2 million, or $0.06 per diluted share, in the third fiscal quarter ended December 31, 2024, compared to $1.6 million, or $0.07 per diluted share in the second fiscal quarter ended September 30, 2024, and $1.5 million, or $0.07 per diluted share, in the third fiscal quarter a year ago.

    In the first nine months of fiscal 2025, net income was $3.8 million, or $0.18 per diluted share, compared to $6.8 million, or $0.32 per diluted share, in the first nine months of fiscal 2024.

    “Riverview’s operating performance during the third fiscal quarter reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields,” stated Nicole Sherman, President and Chief Executive Officer. “While loan payoffs impacted net loan growth during the third quarter, loan production outperformed the previous three quarters and newly funded loans are being boarded at higher rates than the legacy portfolio. Although we still have work to do, we remain focused on managing our balance sheet and improving our performance metrics and profitability in the remainder of fiscal year 2025.”

    Third Quarter Highlights (at or for the period ended December 31, 2024)

    • Net interest income increased to $9.4 million for the quarter, compared to $8.9 million in the preceding quarter and $9.3 million in the third fiscal quarter a year ago.
    • Net interest margin (“NIM”) was 2.60% for the quarter, a 14 basis point improvement compared to the preceding quarter and a 11 basis point improvement compared to the year ago quarter.
    • Riverview Trust Company assets under management increased to $872.6 million at December 31, 2024. Asset management fees continue to improve and increased to $1.4 million for the quarter ended December 31, 2024.
    • Asset quality remained strong, with non-performing assets at $469,000, or 0.03% of total assets at December 31, 2024.
    • Riverview recorded no provision for credit losses during the current quarter, compared to a $100,000 provision in the preceding quarter and no provision in the year ago quarter.
    • Total loans were $1.05 billion at December 31, 2024, compared to $1.06 billion at September 30, 2024, and $1.02 billion at December 31, 2023.
    • Total deposits were $1.22 billion at December 31, 2024, compared to $1.24 billion at September 30, 2024 and $1.22 billion at December 31, 2023.
    • Tangible book value per share (non-GAAP) was $6.20 at December 31, 2024, compared to $6.33 at September 30, 2024, and $6.21 at December 31, 2023.

    Income Statement Review
    Riverview’s net interest income was $9.4 million in the current quarter, compared to $8.9 million in the preceding quarter, and $9.3 million in the third fiscal quarter a year ago. The increase compared to the preceding quarter was driven by higher interest earning asset yields due to higher origination rates on new loan growth as well as loan repricing in addition to the recognition of a loan prepayment fee and related loan fees totaling $318,000. In the first nine months of fiscal 2025, net interest income was $27.2 million, compared to $29.5 million in the first nine months of fiscal 2024. Investment income decreased compared to the nine month period a year ago due to the strategic investment restructuring that was executed in the fourth quarter of fiscal 2024.

    Riverview’s NIM was 2.60% for the third quarter of fiscal 2025, a 14 basis point increase compared to 2.46% in the preceding quarter and a 11 basis-point increase compared to 2.49% in the third quarter of fiscal 2024. “As anticipated, NIM improved during the quarter, as higher yields in interest earning assets offset the modest increase in deposit costs,” said David Lam, EVP and Chief Financial Officer. “With the recent Fed rate reductions, we anticipate deposit costs to further stabilize in future quarters. Additionally, the rate cuts reduced the interest expense on borrowings, which also benefitted NIM during the current quarter.” In the first nine months of fiscal 2025, the net interest margin was 2.51% compared to 2.64% in the same period a year earlier.

    Investment securities decreased $17.8 million during the quarter to $337.2 million at December 31, 2024, compared to $354.9 million at September 30, 2024, and decreased $92.0 million compared to $429.1 million at December 31, 2023. The average securities balances for the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, were $364.2 million, $378.4 million, and $458.0 million, respectively. The weighted average yields on securities balances for those same periods were 1.82%, 2.05%, and 2.01%, respectively. The duration of the investment portfolio at December 31, 2024 was approximately 5.3 years. The anticipated investment cashflows over the next twelve months is approximately $42.8 million. There were no investment purchases during the third fiscal quarter of 2025.

    Riverview’s yield on loans improved to 4.97% during the third fiscal quarter, compared to 4.80% in the preceding quarter, and 4.56% in the third fiscal quarter a year ago. “Loan yields improved during the current quarter as a result of higher rates on new loan originations and higher rates on existing loans that have come up for repricing, when compared to the existing loan portfolio. We continue to explore opportunities to enhance our loan yield by expanding our commercial business portfolio offerings to include more variable rate loan structures,” said Mike Sventek, EVP and Chief Lending Officer. Deposit costs increased to 1.32% during the third fiscal quarter compared to 1.26% in the preceding quarter, and 0.68% in the third fiscal quarter a year ago due to clients seeking higher deposit yields. The increase from clients seeking higher deposit yields was less impactful quarter over quarter compared to the increase from the third fiscal quarter a year ago given the relative change in the interest rate environment during those respective periods.

    Non-interest income was $3.3 million during the third fiscal quarter of 2025 compared to $3.8 million in the preceding quarter and $3.1 million in the third fiscal quarter of 2024. The preceding quarter included approximately $525,000 in income related to a legal expense recovery from the prior year. In the first nine months of fiscal 2025, non-interest income increased to $10.5 million compared to $9.7 million in the same period a year ago.

    Asset management fees were $1.4 million during the third fiscal quarter and the second fiscal quarter, and $1.3 million in the third fiscal quarter a year ago. Asset management fees increased compared to the year ago quarter due to new client relationships and the continued positive market performance in the equity markets during the third quarter. Riverview Trust Company’s assets under management were $872.6 million at December 31, 2024, compared to $871.6 million at September 30, 2024, and $942.4 million at December 31, 2023.

    Non-interest expense was $11.2 million during the third fiscal quarter, compared to $10.7 million in the preceding quarter and $10.6 million in the third fiscal quarter a year ago. Salary and employee benefits, the largest component of non-interest expense, remained flat during the current quarter compared to the preceding quarter. Professional fees increased during the current quarter compared to the preceding quarter due to higher consulting costs. Additionally, non-interest expense for preceding quarter included a fraud loss recovery. The efficiency ratio was 87.6% for the third fiscal quarter, compared to 83.7% for the previous quarter and 85.2% in the third fiscal quarter a year ago. Year-to-date, non-interest expense was $32.8 million compared to $30.6 million in the first nine months of fiscal 2024.

    Riverview’s effective tax rate for the third fiscal quarter of 2025 was 21.8%, compared to 21.4% for the preceding quarter and 20.6% for the year ago quarter.

    Balance Sheet Review
    While loan production increased during the third quarter, total loans decreased primarily due to two large loan payoffs. Total loans decreased $15.9 million during the quarter to $1.05 billion at December 31, 2024, compared to $1.06 billion three months earlier and increased $26.9 million compared to $1.02 billion a year earlier. Riverview’s loan pipeline was $49.1 million at December 31, 2024, compared to $43.5 million at the end of the preceding quarter. New loan originations during the quarter were $31.1 million, compared to $25.6 million in the preceding quarter and $51.3 million in the third fiscal quarter a year ago. Since December 31, 2024, the loan pipeline has increased to $64.2 million.

    Undisbursed construction loans totaled $19.5 million at December 31, 2024, compared to $34.1 million at September 30, 2024, with the majority of the undisbursed construction loans expected to be funded over the next several quarters. The decrease was due to one large construction project being completed during the quarter and moving out of the construction category to a permanent loan category, before being paid off. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $14.5 million at December 31, 2024, compared to $11.1 million at September 30, 2024. Revolving commercial business loan commitments totaled $46.9 million at December 31, 2024, compared to $48.4 million at September 30, 2024. Utilization on these loans totaled 17.60% at December 31, 2024, compared to 23.88% at September 30, 2024. The weighted average rate on loan originations during the quarter was 7.04% compared to 7.65% in the preceding quarter.

    The office building loan portfolio totaled $113.4 million at December 31, 2024, compared to $112.4 million at September 30, 2024. The average loan balance of the office building loan portfolio was $1.5 million with an average loan-to-value ratio of 53.8% and an average debt service coverage ratio of 1.99x. Office building loans within the Portland core consists of three loans totaling $20.6 million which is approximately 18.2% of the total office building loan portfolio or 2.0% of total loans.

    Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 46.8% at December 31, 2024, compared to 49.2% at September 30, 2024, and 51.1% at December 31, 2023. The decrease in non-interest checking account balances during the quarter was in part due to seasonal client calendar year-end activity for payments and distributions. As in prior quarters, money market balances and CDs increased during the quarter as we are still seeing a subset of clients still looking for higher yields. Total deposits decreased $18.5 million during the quarter to $1.22 billion at December 31, 2024, compared to $1.24 billion at September 30, 2024, and were unchanged compared to a year ago. Riverview Bank had moved customer deposits to Riverview Trust as a higher yielding deposit alternative and those assets were all retained within the Company during the period of increasing interest rates and the Company has the ability to move or reciprocate these deposits back to the Bank if the need arises.

    FHLB advances decreased $18.1 million during the quarter to $84.2 million at December 31, 2024, compared to $102.3 million at September 30, 2024. FHLB advances decreased during the quarter as a result of the decrease in investment securities and loans receivable balances with the proceeds from both used to pay down borrowings.

    Shareholders’ equity was $158.3 million at December 31, 2024, compared to $160.8 million three months earlier and $158.5 million one year earlier. Tangible book value per share (non-GAAP) was $6.20 at December 31, 2024, compared to $6.33 at September 30, 2024, and $6.21 at December 31, 2023. Riverview paid a quarterly cash dividend of $0.02 per share on January 14, 2025, to shareholders of record on January 2, 2025.

    Credit Quality
    “Asset quality metrics continue to remain very stable, as we continue to diligently monitor our loan portfolio closely for any signs of stress,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled $168,000 or 0.02% of total loans as of December 31, 2024, compared to $149,000, or 0.01% of total loans at September 30, 2024, and $186,000, or 0.02% of total loans at December 31, 2023. There was one non-performing government guaranteed loan totaling $301,000 at both December 31, 2024 and September 30, 2024. At December 31, 2024, including government guaranteed loans, non-performing assets were $469,000, or 0.03% of total assets.

    Riverview recorded $114,000 in net loan charge-offs for the current quarter. This compared to $2,000 in net loan recoveries for the preceding quarter. Riverview recorded no provision for credit losses for the current quarter, compared to $100,000 in provision for credit losses for the preceding quarter.

    Classified assets were $225,000 at December 31, 2024, compared to $326,000 at September 30, 2024, and $215,000 at December 31, 2023. The classified assets to total capital ratio was 0.1% at December 31, 2024, compared to 0.2% at September 30, 2024, and 0.1% a year earlier. Criticized assets were $50.4 million at December 31, 2024, compared to $50.7 million at September 30, 2024, and $37.2 million at December 31, 2023. Criticized assets remained stable during the current quarter compared to the prior quarter. The increase compared to a year ago was primarily due to one relationship that was moved to the criticized asset category during the preceding quarter as the loans goes through probate. The Company does not anticipate any loss from this relationship.

    The allowance for credit losses was $15.4 million at December 31, 2024, compared to $15.5 million at September 30, 2024, and $15.4 million at December 31, 2023. The allowance for credit losses represented 1.47% of total loans at December 31, 2024, compared to 1.46% at September 30, 2024, and 1.51% a year earlier. The allowance for credit losses to loans, net of government guaranteed loans (non-GAAP), was 1.54% at December 31, 2024, compared to 1.53% at September 30, 2024, and 1.59% a year earlier.

    Capital/Liquidity
    Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.47% and a Tier 1 leverage ratio of 10.86% at December 31, 2024. Tangible common equity to average tangible assets ratio (non-GAAP) was 8.84% at December 31, 2024.

    Riverview has approximately $450.1 million in available liquidity at December 31, 2024, including $164.4 million of borrowing capacity from the FHLB and $285.7 million from the Federal Reserve Bank of San Francisco (“FRB”). At December 31, 2024, the Bank had $84.2 million in outstanding FHLB borrowings.

    At December 31, 2024, the uninsured deposit ratio was 23.8%. Available liquidity under the FRB borrowing line would cover nearly 100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover 155% of the estimated uninsured deposits.

    On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions. During the third quarter, the Company repurchased 200,073 shares of common stock at an average price of $5.43.

    Non-GAAP Financial Measures
    In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.

    Tangible shareholders’ equity to tangible assets and tangible book value per share:
                         
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   March 31,
    2024    		    
                         
    Shareholders’ equity (GAAP)   $ 158,270     $ 160,774     $ 158,472     $ 155,588      
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )     (27,076 )    
    Exclude: Core deposit intangible, net     (196 )     (221 )     (298 )     (271 )    
    Tangible shareholders’ equity (non-GAAP)   $ 130,998     $ 133,477     $ 131,098     $ 128,241      
                         
    Total assets (GAAP)   $ 1,508,609     $ 1,548,397     $ 1,590,623     $ 1,521,529      
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )     (27,076 )    
    Exclude: Core deposit intangible, net     (196 )     (221 )     (298 )     (271 )    
    Tangible assets (non-GAAP)   $ 1,481,337     $ 1,521,100     $ 1,563,249     $ 1,494,182      
                         
    Shareholders’ equity to total assets (GAAP)     10.49 %     10.38 %     9.96 %     10.23 %    
                         
    Tangible common equity to tangible assets (non-GAAP)     8.84 %     8.78 %     8.39 %     8.58 %    
                         
    Shares outstanding     21,134,758       21,096,968       21,111,043       21,111,043      
                         
    Book value per share (GAAP)   $ 7.49     $ 7.62     $ 7.51     $ 7.37      
                         
    Tangible book value per share (non-GAAP)   $ 6.20     $ 6.33     $ 6.21     $ 6.07      
                         
                         
    Pre-tax, pre-provision income                    
        Three Months Ended   Nine Months Ended
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
                         
    Net income (GAAP)   $ 1,232     $ 1,557     $ 1,452     $ 3,755     $ 6,767  
    Include: Provision for income taxes     343       425       377       1,021       1,897  
    Include: Provision for credit losses     –       100       –       100       –  
    Pre-tax, pre-provision income (non-GAAP)   $ 1,575     $ 2,082     $ 1,829     $ 4,876     $ 8,664  
    Allowance for credit losses reconciliation, excluding Government Guaranteed loans
                     
    (Dollars in thousands)   December 31, 2024   September 30, 2024   December 31, 2023   March 31, 2024
                     
    Allowance for credit losses   $ 15,352     $ 15,466     $ 15,361     $ 15,364  
                     
    Loans receivable (GAAP)   $ 1,045,109     $ 1,060,977     $ 1,018,199     $ 1,024,013  
    Exclude: Government Guaranteed loans     (49,024 )     (49,983 )     (51,809 )     (51,013 )
    Loans receivable excluding Government Guaranteed loans (non-GAAP)   $ 996,085     $ 1,010,994     $ 966,390     $ 973,000  
                     
    Allowance for credit losses to loans receivable (GAAP)     1.47 %     1.46 %     1.51 %     1.50 %
                     
    Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP)     1.54 %     1.53 %     1.59 %     1.58 %
                     
                     
    Non-performing loans reconciliation, excluding Government Guaranteed Loans
                     
        Three Months Ended    
    (Dollars in thousands)   December 31, 2024   September 30, 2024   December 31, 2023    
                     
    Non-performing loans (GAAP)   $ 469     $ 450     $ 186      
    Less: Non-performing Government Guaranteed loans     (301 )     (301 )     –      
    Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP)   $ 168     $ 149     $ 186      
                     
    Non-performing loans to total loans (GAAP)     0.04 %     0.04 %     0.02 %    
                     
    Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP)     0.02 %     0.01 %     0.02 %    
                     
    Non-performing loans to total assets (GAAP)     0.03 %     0.03 %     0.01 %    
                     
    Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP)     0.01 %     0.01 %     0.01 %    


    About Riverview
    Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at December 31, 2024, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

    “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.

    The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.

     
    RIVERVIEW BANCORP, INC. AND SUBSIDIARY       
    Consolidated Balance Sheets
    (In thousands, except share data) (Unaudited) December 31, 2024   September 30, 2024   December 31, 2023   March 31, 2024
    ASSETS              
                   
    Cash (including interest-earning accounts of $12,573, $12,453, $23,717 and $12,164) $ 25,348     $ 30,960     $ 37,553     $ 23,642  
    Investment securities:              
    Available for sale, at estimated fair value   124,874       132,953       196,461       143,196  
    Held to maturity, at amortized cost   212,295       221,991       232,659       229,510  
    Loans receivable (net of allowance for credit losses of $15,352, $15,466, $15,361, and $15,364)   1,029,757       1,045,511       1,002,838       1,008,649  
    Prepaid expenses and other assets   12,945       13,585       14,486       14,469  
    Accrued interest receivable   4,639       4,570       5,248       4,415  
    Federal Home Loan Bank stock, at cost   4,742       5,557       8,026       4,927  
    Premises and equipment, net   22,731       22,956       22,270       21,718  
    Financing lease right-of-use assets   1,144       1,163       1,221       1,202  
    Deferred income taxes, net   9,471       8,688       10,033       9,778  
    Goodwill   27,076       27,076       27,076       27,076  
    Core deposit intangible, net   196       221       298       271  
    Bank owned life insurance   33,391       33,166       32,454       32,676  
                   
    TOTAL ASSETS $ 1,508,609     $ 1,548,397     $ 1,590,623     $ 1,521,529  
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
                   
    LIABILITIES:              
    Deposits $ 1,219,002     $ 1,237,499     $ 1,218,892     $ 1,231,679  
    Accrued expenses and other liabilities   17,634       17,789       26,740       16,205  
    Advance payments by borrowers for taxes and insurance   317       848       299       581  
    Junior subordinated debentures   27,069       27,048       26,982       27,004  
    Federal Home Loan Bank advances   84,200       102,304       157,054       88,304  
    Finance lease liability   2,117       2,135       2,184       2,168  
    Total liabilities   1,350,339       1,387,623       1,432,151       1,365,941  
                   
    SHAREHOLDERS’ EQUITY:              
    Serial preferred stock, $.01 par value; 250,000 authorized, issued and outstanding, none   –       –       –       –  
    Common stock, $.01 par value; 50,000,000 authorized,              
    December 31, 2024 – 21,134,758 issued and outstanding;              
    September 30, 2024 – 21,096,968 issued and outstanding;   209       211       211       211  
    December 31, 2023 – 21,111,043 issued and outstanding;              
    March 31, 2024 – 21,111,043 issued and outstanding;              
    Additional paid-in capital   54,227       55,057       54,982       55,005  
    Retained earnings   118,988       118,179       120,734       116,499  
    Accumulated other comprehensive loss   (15,154 )     (12,673 )     (17,455 )     (16,127 )
    Total shareholders’ equity   158,270       160,774       158,472       155,588  
                   
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,508,609     $ 1,548,397     $ 1,590,623     $ 1,521,529  
                   
    RIVERVIEW BANCORP, INC. AND SUBSIDIARY
    Consolidated Statements of Income
      Three Months Ended   Nine Months Ended
    (In thousands, except share data) (Unaudited) Dec. 31, 2024 Sept. 30, 2024 Dec. 31, 2023   Dec. 31, 2024 Dec. 31, 2023
    INTEREST INCOME:            
    Interest and fees on loans receivable $ 13,201   $ 12,683   $ 11,645     $ 37,936   $ 34,288  
    Interest on investment securities – taxable   1,589     1,874     2,231       5,435     6,826  
    Interest on investment securities – nontaxable   65     65     65       195     196  
    Other interest and dividends   272     320     331       902     954  
    Total interest and dividend income   15,127     14,942     14,272       44,468     42,264  
                 
    INTEREST EXPENSE:            
    Interest on deposits   4,101     3,855     2,059       11,403     5,264  
    Interest on borrowings   1,638     2,145     2,889       5,914     7,466  
    Total interest expense   5,739     6,000     4,948       17,317     12,730  
    Net interest income   9,388     8,942     9,324       27,151     29,534  
    Provision for credit losses   –     100     –       100     –  
                 
    Net interest income after provision for credit losses   9,388     8,842     9,324       27,051     29,534  
                 
    NON-INTEREST INCOME:            
    Fees and service charges   1,492     1,524     1,533       4,556     4,871  
    Asset management fees   1,443     1,433     1,266       4,434     3,920  
    Bank owned life insurance (“BOLI”)   225     279     211       715     669  
    Other, net   181     605     46       844     288  
    Total non-interest income, net   3,341     3,841     3,056       10,549     9,748  
                 
    NON-INTEREST EXPENSE:            
    Salaries and employee benefits   6,471     6,477     6,091       19,336     17,979  
    Occupancy and depreciation   1,871     1,921     1,698       5,687     4,930  
    Data processing   743     695     712       2,202     2,096  
    Amortization of core deposit intangible   25     25     27       75     81  
    Advertising and marketing   317     367     282       994     950  
    FDIC insurance premium   174     166     178       518     530  
    State and local taxes   327     234     355       777     814  
    Telecommunications   54     52     56       153     161  
    Professional fees   429     304     353       1,223     961  
    Other   743     460     799       1,859     2,116  
    Total non-interest expense   11,154     10,701     10,551       32,824     30,618  
                 
    INCOME BEFORE INCOME TAXES   1,575     1,982     1,829       4,776     8,664  
    PROVISION FOR INCOME TAXES   343     425     377       1,021     1,897  
    NET INCOME $ 1,232   $ 1,557   $ 1,452     $ 3,755   $ 6,767  
                 
    Earnings per common share:            
    Basic $ 0.06   $ 0.07   $ 0.07     $ 0.18   $ 0.32  
    Diluted $ 0.06   $ 0.07   $ 0.07     $ 0.18   $ 0.32  
    Weighted average number of common shares outstanding:            
    Basic   21,037,246     21,097,580     21,113,464       21,081,851     21,146,888  
    Diluted   21,037,246     21,097,580     21,113,464       21,081,851     21,148,679  
                 
    (Dollars in thousands)   At or for the three months ended   At or for the nine months ended
        Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    AVERAGE BALANCES                    
    Average interest–earning assets   $ 1,436,130     $ 1,446,098     $ 1,494,341     $ 1,439,834     $ 1,494,443  
    Average interest-bearing liabilities     1,019,265       1,011,688       1,028,817       1,010,419       1,021,532  
    Net average earning assets     416,865       434,410       465,524       429,415       472,911  
    Average loans     1,053,342       1,048,536       1,015,741       1,043,274       1,008,429  
    Average deposits     1,232,450       1,216,769       1,209,524       1,220,443       1,235,032  
    Average equity     160,532       158,428       153,901       158,179       155,264  
    Average tangible equity (non-GAAP)     133,245       131,116       126,511       130,867       127,847  
                         
                         
    ASSET QUALITY   Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023        
                         
    Non-performing loans   $ 469     $ 450     $ 186          
    Non-performing loans excluding SBA Government Guarantee (non-GAAP)     168       149       186          
    Non-performing loans to total loans     0.04 %     0.04 %     0.02 %        
    Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)     0.02 %     0.01 %     0.02 %        
    Real estate/repossessed assets owned   $ –     $ –     $ –          
    Non-performing assets   $ 469     $ 450     $ 186          
    Non-performing assets excluding SBA Government Guarantee (non-GAAP)     168       149       186          
    Non-performing assets to total assets     0.03 %     0.03 %     0.01 %        
    Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)     0.01 %     0.01 %     0.01 %        
    Net loan charge-offs (recoveries) in the quarter   $ 114     $ (2 )   $ (15 )        
    Net charge-offs (recoveries) in the quarter/average net loans     0.04 %     0.00 %     (0.01 )%        
                         
    Allowance for credit losses   $ 15,352     $ 15,466     $ 15,361          
    Average interest-earning assets to average interest-bearing liabilities     140.90 %     142.94 %     145.25 %        
    Allowance for credit losses to non-performing loans     3273.35 %     3436.89 %     8258.60 %        
    Allowance for credit losses to total loans     1.47 %     1.46 %     1.51 %        
    Shareholders’ equity to assets     10.49 %     10.38 %     9.96 %        
                         
                         
    CAPITAL RATIOS                    
    Total capital (to risk weighted assets)     16.47 %     16.14 %     16.67 %        
    Tier 1 capital (to risk weighted assets)     15.21 %     14.88 %     15.42 %        
    Common equity tier 1 (to risk weighted assets)     15.21 %     14.88 %     15.42 %        
    Tier 1 capital (to average tangible assets)     10.86 %     10.72 %     10.53 %        
    Tangible common equity (to average tangible assets) (non-GAAP)     8.84 %     8.78 %     8.39 %        
                         
                         
    DEPOSIT MIX   Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   March 31, 2024    
                         
    Interest checking   $ 257,975     $ 267,254     $ 272,019     $ 289,824      
    Regular savings     169,181       172,454       199,911       192,638      
    Money market deposit accounts     236,912       227,505       225,727       209,164      
    Non-interest checking     312,839       341,116       350,744       349,081      
    Certificates of deposit     242,095       229,170       170,491       190,972      
    Total deposits   $ 1,219,002     $ 1,237,499     $ 1,218,892     $ 1,231,679      
                         
    COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS        
            Other       Commercial
        Commercial   Real Estate   Real Estate   & Construction
        Business   Mortgage   Construction   Total
    December 31, 2024   (Dollars in thousands)
    Commercial business   $ 224,506     $ –     $ –     $ 224,506  
    Commercial construction     –       –       32,442       32,442  
    Office buildings     –       113,350       –       113,350  
    Warehouse/industrial     –       108,356       –       108,356  
    Retail/shopping centers/strip malls     –       89,871       –       89,871  
    Assisted living facilities     –       363       –       363  
    Single purpose facilities     –       262,556       –       262,556  
    Land     –       4,062       –       4,062  
    Multi-family     –       78,822       –       78,822  
    One-to-four family construction     –       –       17,514       17,514  
    Total   $ 224,506     $ 657,380     $ 49,956     $ 931,842  
                     
    March 31, 2024                
    Commercial business   $ 229,404     $ –     $ –     $ 229,404  
    Commercial construction     –       –       20,388       20,388  
    Office buildings     –       114,714       –       114,714  
    Warehouse/industrial     –       106,649       –       106,649  
    Retail/shopping centers/strip malls     –       89,448       –       89,448  
    Assisted living facilities     –       378       –       378  
    Single purpose facilities     –       272,312       –       272,312  
    Land     –       5,693       –       5,693  
    Multi-family     –       70,771       –       70,771  
    One-to-four family construction     –       –       16,150       16,150  
    Total   $ 229,404     $ 659,965     $ 36,538     $ 925,907  
                     
                     
    LOAN MIX   Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   March 31, 2024
    Commercial and construction   (Dollars in thousands)
    Commercial business   $ 224,506     $ 236,895     $ 229,249     $ 229,404  
    Other real estate mortgage     657,380       659,439       648,782       659,965  
    Real estate construction     49,956       51,498       42,167       36,538  
    Total commercial and construction     931,842       947,832       920,198       925,907  
    Consumer                
    Real estate one-to-four family     97,760       96,911       96,266       96,366  
    Other installment     15,507       16,234       1,735       1,740  
    Total consumer     113,267       113,145       98,001       98,106  
                     
    Total loans     1,045,109       1,060,977       1,018,199       1,024,013  
                     
    Less:                
    Allowance for credit losses     15,352       15,466       15,361       15,364  
    Loans receivable, net   $ 1,029,757     $ 1,045,511     $ 1,002,838     $ 1,008,649  
                     
                     
    DETAIL OF NON-PERFORMING ASSETS              
        Southwest            
        Washington   Other   Total    
    December 31, 2024   (Dollars in thousands)    
    Commercial business   $ 43     $ –     $ 43      
    Commercial real estate     93       –       93      
    Consumer     32       –       32      
    Government Guaranteed Loans     –       301       301      
    Total non-performing assets   $ 168     $ 301     $ 469      
                     
                    At or for the three months ended   At or for the nine months ended
    SELECTED OPERATING DATA Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
                       
    Efficiency ratio (4)   87.63 %     83.71 %     85.23 %     87.07 %     77.94 %
    Coverage ratio (6)   84.17 %     83.56 %     88.37 %     82.72 %     96.46 %
    Return on average assets (1)   0.32 %     0.40 %     0.37 %     0.33 %     0.57 %
    Return on average equity (1)   3.04 %     3.90 %     3.75 %     3.15 %     5.80 %
    Return on average tangible equity (1) (non-GAAP)   3.67 %     4.71 %     4.57 %     3.81 %     7.04 %
                       
    NET INTEREST SPREAD                  
    Yield on loans   4.97 %     4.80 %     4.56 %     4.83 %     4.53 %
    Yield on investment securities   1.82 %     2.05 %     2.01 %     2.00 %     2.02 %
    Total yield on interest-earning assets   4.18 %     4.11 %     3.81 %     4.10 %     3.77 %
                       
    Cost of interest-bearing deposits   1.81 %     1.76 %     0.98 %     1.73 %     0.82 %
    Cost of FHLB advances and other borrowings   5.43 %     5.92 %     5.83 %     5.83 %     5.77 %
    Total cost of interest-bearing liabilities   2.23 %     2.35 %     1.91 %     2.27 %     1.66 %
                       
    Spread (7)   1.95 %     1.76 %     1.90 %     1.83 %     2.11 %
    Net interest margin   2.60 %     2.46 %     2.49 %     2.51 %     2.64 %
                       
    PER SHARE DATA                  
    Basic earnings per share (2) $ 0.06     $ 0.07     $ 0.07     $ 0.18     $ 0.32  
    Diluted earnings per share (3)   0.06       0.07       0.07       0.18       0.32  
    Book value per share (5)   7.49       7.62       7.51       7.49       7.51  
    Tangible book value per share (5) (non-GAAP)   6.20       6.33       6.21       6.20       6.21  
    Market price per share:                  
    High for the period $ 5.88     $ 4.72     $ 6.48     $ 5.88     $ 6.48  
    Low for the period   4.59       3.79       5.35       3.64       4.17  
    Close for period end   5.74       4.71       6.40       5.74       6.40  
    Cash dividends declared per share   0.0200       0.0200       0.0600       0.0600       0.1800  
                       
    Average number of shares outstanding:                  
    Basic (2)   21,037,246       21,097,580       21,113,464       21,081,851       21,146,888  
    Diluted (3)   21,037,246       21,097,580       21,113,464       21,081,851       21,148,679  
                       

    (1)      Amounts for the periods shown are annualized.
    (2)      Amounts exclude ESOP shares not committed to be released.
    (3)      Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
    (4)      Non-interest expense divided by net interest income and non-interest income.
    (5)      Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
    (6)      Net interest income divided by non-interest expense.
    (7)      Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

    Contact: Nicole Sherman, President & CEO
    David Lam, CFO 
    Dan Cox, COO
    360-693-6650

    The MIL Network –

  • MIL-OSI: Credit Acceptance Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Southfield, Michigan, Jan. 30, 2025 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) today announced consolidated net income of $151.9 million, or $12.26 per diluted share, for the three months ended December 31, 2024 compared to consolidated net income of $93.6 million, or $7.29 per diluted share, for the same period in 2023. Adjusted net income, a non-GAAP financial measure, for the three months ended December 31, 2024 was $126.0 million, or $10.17 per diluted share, compared to $129.1 million, or $10.06 per diluted share, for the same period in 2023. The following table summarizes our financial results:

    (In millions, except per share data)   For the Three Months Ended   For the Years Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    GAAP net income   $         151.9    $         78.8    $         93.6    $         247.9    $         286.1 
    GAAP net income per diluted share   $         12.26    $         6.35    $         7.29    $         19.88    $         21.99 
                         
    Adjusted net income   $         126.0    $         109.1    $         129.1    $         478.9    $         535.6 
    Adjusted net income per diluted share   $         10.17    $         8.79    $         10.06    $         38.41    $         41.17 

    Our results for the fourth quarter of 2024 in comparison to the fourth quarter of 2023 included:

    • A smaller decline in forecasted collection rates
      A decline in forecasted collection rates decreased forecasted net cash flows from our loan portfolio by $31.1 million, or 0.3%, compared to a decrease in forecasted collection rates during the fourth quarter of 2023 that decreased forecasted net cash flows from our loan portfolio by $57.0 million, or 0.6%.
    • A decrease in forecasted profitability for Consumer Loans assigned in 2021 through 2024
      Forecasted profitability was lower than our estimates at December 31, 2023, due to both a decline in forecasted collection rates and slower forecasted net cash flow timing since the fourth quarter of 2023. The slower forecasted net cash flow timing was primarily a result of a decrease in Consumer Loan prepayments, which remain below historical averages.
    • Slower growth in Consumer Loan assignment unit volume and an increase in the average balance of our loan portfolio
      Unit volume growth slowed significantly year-over-year, growing 0.3% as compared to 26.7% in the fourth quarter of 2023. The average balance of our loan portfolio, which is our largest-ever, increased 14.0% and 16.5% on a GAAP and adjusted basis, respectively, as compared to the fourth quarter of 2023.
    • An increase in the initial spread on Consumer Loan assignments
      The initial spread increased to 22.4% compared to 21.7% on Consumer Loans assigned in the fourth quarter of 2023.
    • An increase in our average cost of debt
      Our average cost of debt increased from 6.3% to 7.2%, primarily as a result of higher interest rates on recently completed or extended secured financings and recently issued senior notes and the repayment of older secured financings and senior notes with lower interest rates.
    • A decrease in common shares outstanding due to stock repurchases
      Since the fourth quarter of 2023, we have repurchased approximately 590,000 shares, or 4.7% of the shares outstanding as of December 31, 2023.

    Our results for the fourth quarter of 2024 in comparison to the third quarter of 2024 included:

    • A smaller decline in forecasted collection rates
      A decline in forecasted collection rates decreased forecasted net cash flows from our loan portfolio by $31.1 million, or 0.3%, compared to a decrease in forecasted collection rates during the third quarter of 2024 that decreased forecasted net cash flows from our loan portfolio by $62.8 million, or 0.6%.
    • A decrease in forecasted profitability for Consumer Loans assigned in 2022
      Forecasted profitability was lower than our estimates at September 30, 2024, due to the decline in forecasted collection rates.
    • Slower growth in Consumer Loan assignment unit volume and an increase in the average balance of our loan portfolio
      Unit volume growth slowed significantly year-over-year, growing 0.3% as compared to 17.7% in the third quarter of 2024. The average balance of our loan portfolio, which is our largest-ever, increased 1.8% and 1.6% on a GAAP and adjusted basis, respectively, as compared to the third quarter of 2024.
    • An increase in the initial spread on Consumer Loan assignments
      The initial spread increased to 22.4% compared to 21.9% on Consumer Loans assigned in the third quarter of 2024.

    Consumer Loan Metrics

    Dealers assign retail installment contracts (referred to as “Consumer Loans”) to Credit Acceptance. At the time a Consumer Loan is submitted to us for assignment, we forecast future expected cash flows from the Consumer Loan. Based on the amount and timing of these forecasts and expected expense levels, an advance or one-time purchase payment is made to the related dealer at a price designed to maximize economic profit, a non-GAAP financial measure that considers our return on capital, our cost of capital, and the amount of capital invested. 

    We use a statistical model to estimate the expected collection rate for each Consumer Loan at the time of assignment. We continue to evaluate the expected collection rate for each Consumer Loan subsequent to assignment. Our evaluation becomes more accurate as the Consumer Loans age, as we use actual performance data in our forecast. By comparing our current expected collection rate for each Consumer Loan with the rate we projected at the time of assignment, we are able to assess the accuracy of our initial forecast. The following table compares our aggregated forecast of Consumer Loan collection rates as of December 31, 2024, with the aggregated forecasts as of September 30, 2024, as of December 31, 2023, and at the time of assignment, segmented by year of assignment:

        Forecasted Collection Percentage as of (1)   Current Forecast Variance from
     Consumer Loan Assignment Year   December 31, 2024   September 30, 2024   December 31, 2023   Initial
    Forecast    		   September 30, 2024   December 31, 2023   Initial
    Forecast
    2015           65.3  %           65.3  %           65.2  %           67.7  %           0.0  %           0.1  %           -2.4  %
    2016           63.9  %           63.9  %           63.8  %           65.4  %           0.0  %           0.1  %           -1.5  %
    2017           64.7  %           64.7  %           64.7  %           64.0  %           0.0  %           0.0  %           0.7  %
    2018           65.5  %           65.5  %           65.5  %           63.6  %           0.0  %           0.0  %           1.9  %
    2019           67.2  %           67.2  %           66.9  %           64.0  %           0.0  %           0.3  %           3.2  %
    2020           67.7  %           67.6  %           67.6  %           63.4  %           0.1  %           0.1  %           4.3  %
    2021           63.8  %           63.8  %           64.5  %           66.3  %           0.0  %           -0.7  %           -2.5  %
    2022           60.2  %           60.6  %           62.7  %           67.5  %           -0.4  %           -2.5  %           -7.3  %
    2023           64.3  %           64.3  %           67.4  %           67.5  %           0.0  %           -3.1  %           -3.2  %
         2024 (2)           66.5  %           66.6  %           —              67.2  %           -0.1  %           —               -0.7  %

    (1)   Represents the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest. Forecasted collection rates are negatively impacted by canceled Consumer Loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates.
    (2)   The forecasted collection rate for 2024 Consumer Loans as of December 31, 2024 includes both Consumer Loans that were in our portfolio as of September 30, 2024 and Consumer Loans assigned during the most recent quarter. The following table provides forecasted collection rates for each of these segments:

        Forecasted Collection Percentage as of   Current Forecast Variance from
    2024 Consumer Loan Assignment Period   December 31, 2024   September 30, 2024   Initial
    Forecast    		   September 30, 2024   Initial
    Forecast
    January 1, 2024 through September 30, 2024           66.4  %           66.6  %           67.3  %           -0.2  %           -0.9  %
    October 1, 2024 through December 31, 2024           66.8  %           —              66.9  %           —              -0.1  %

    Consumer Loans assigned in 2018 through 2020 have yielded forecasted collection results significantly better than our initial estimates, while Consumer Loans assigned in 2015, 2016, and 2021 through 2023 have yielded forecasted collection results significantly worse than our initial estimates. For all other assignment years presented, actual results have been close to our initial estimates. For the three months ended December 31, 2024, forecasted collection rates declined for Consumer Loans assigned in 2022 and 2024 and were generally consistent with expectations at the start of the period for all other assignment years presented. For the year ended December 31, 2024, forecasted collection rates improved for Consumer Loans assigned in 2019, declined for Consumer Loans assigned in 2021 through 2024, and were generally consistent with expectations at the start of the period for all other assignment years presented.

    The changes in forecasted collection rates for the three months and years ended December 31, 2024 and 2023 impacted forecasted net cash flows (forecasted collections less forecasted dealer holdback payments) as follows:

    (Dollars in millions)   For the Three Months Ended December 31,   For the Years Ended December 31,
    Increase (Decrease) in Forecasted Net Cash Flows     2024       2023       2024       2023  
    Dealer loans   $         (31.6)     $         (36.0)     $         (204.6)     $         (125.3)  
    Purchased loans             0.5                (21.0)               (109.4)               (81.0)  
    Total   $         (31.1)     $         (57.0)     $         (314.0)     $         (206.3)  
    % change from forecast at beginning of period             -0.3  %             -0.6  %             -3.1  %             -2.3  %

    During the second quarter of 2024, we applied an adjustment to our methodology for forecasting the amount of future net cash flows from our loan portfolio, which reduced the forecasted collection rates for Consumer Loans assigned in 2022 through 2024. Consumer Loans assigned in 2022 had continued to underperform our expectations for several quarters. Consumer Loans assigned in 2023 had also begun exhibiting similar trends of underperformance, although not as severe as Consumer Loans assigned in 2022. During the second quarter of 2024, we determined that we had sufficient Consumer Loan performance experience to estimate the magnitude by which we expected Consumer Loans assigned in 2022 through 2024 would likely underperform our historical collection rates on Consumer Loans with similar characteristics. Accordingly, we applied an adjustment to Consumer Loans assigned in 2022 through 2024 to reduce forecasted collection rates to what we believed the ultimate collection rates would be based on these trends. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of this forecast adjustment during the second quarter of 2024 reduced forecasted net cash flows by $147.2 million, or 1.4%, and increased provision for credit losses by $127.5 million.

    During the second quarter of 2023, we adjusted our methodology for forecasting the amount and timing of future net cash flows from our loan portfolio through the utilization of more recent Consumer Loan performance and Consumer Loan prepayment data. We had experienced a decrease in Consumer Loan prepayments to below-average levels and as a result, slowed our forecasted net cash flow timing. Historically, Consumer Loan prepayments have been lower in periods with less availability of consumer credit. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of the adjustment to our forecasting methodology during the second quarter of 2023 reduced forecasted net cash flows by $44.5 million, or 0.5%, and increased provision for credit losses by $71.3 million.

    We have experienced increased levels of uncertainty associated with our estimate of the amount and timing of future net cash flows from our loan portfolio since the beginning of 2020, with realized collections underperforming our expectations during the early stages of the COVID-19 pandemic, outperforming our expectations following the distribution of federal stimulus payments and enhanced unemployment benefits, and underperforming our expectations during the current economic environment. The quarterly changes to our forecast of future net cash flows from our loan portfolio from January 1, 2020 through December 31, 2024 are shown in the following table:

    (Dollars in millions)   Increase (Decrease) in Forecasted Net Cash Flows
    Three Months Ended   Total Loans   % Change from Forecast at Beginning of Period
    March 31, 2020   $         (206.5)             -2.3  %
    June 30, 2020             24.4              0.3  %
    September 30, 2020             138.5              1.5  %
    December 31, 2020             (2.7)             0.0  %
    March 31, 2021             107.4              1.1  %
    June 30, 2021             104.5              1.1  %
    September 30, 2021             82.3              0.9  %
    December 31, 2021             31.9              0.3  %
    March 31, 2022             110.2              1.2  %
    June 30, 2022             (43.4)             -0.5  %
    September 30, 2022             (85.4)             -0.9  %
    December 31, 2022             (41.1)             -0.5  %
    March 31, 2023             9.4              0.1  %
    June 30, 2023             (89.3)             -0.9  %
    September 30, 2023             (69.4)             -0.7  %
    December 31, 2023             (57.0)             -0.6  %
    March 31, 2024             (30.8)             -0.3  %
    June 30, 2024             (189.3)             -1.7  %
    September 30, 2024             (62.8)             -0.6  %
    December 31, 2024             (31.1)             -0.3  %

    The following table presents information on Consumer Loan assignments for each of the last 10 years:

         Average   Total Assignment Volume
     Consumer Loan
    Assignment Year    		   Consumer Loan (1)   Advance (2)   Initial Loan Term (in months)   Unit Volume   Dollar Volume (2)
    (in millions)
    2015   $         16,354   $         7,272   50   298,288   $         2,167.0
    2016     18,218     7,976   53   330,710     2,635.5
    2017     20,230     8,746   55   328,507     2,873.1
    2018     22,158     9,635   57   373,329     3,595.8
    2019     23,139     10,174   57   369,805     3,772.2
    2020     24,262     10,656   59   341,967     3,641.2
    2021     25,632     11,790   59   268,730     3,167.8
    2022     27,242     12,924   60   280,467     3,625.3
    2023     27,025     12,475   61   332,499     4,147.8
         2024 (3)     26,497     11,961   61   386,126     4,618.4

    (1)   Represents the repayments that we were contractually owed on Consumer Loans at the time of assignment, which include both principal and interest.
    (2)   Represents advances paid to dealers on Consumer Loans assigned under our portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under our purchase program. Payments of dealer holdback and accelerated dealer holdback are not included.
    (3)   The averages for 2024 Consumer Loans include both Consumer Loans that were in our portfolio as of September 30, 2024 and Consumer Loans assigned during the most recent quarter. The following table provides averages for each of these segments:

        Average
    2024 Consumer Loan Assignment Period   Consumer Loan   Advance   Initial Loan Term (in months)
    January 1, 2024 through September 30, 2024   $         26,564   $         12,018           61
    October 1, 2024 through December 31, 2024             26,236             11,739           61

    The profitability of our loans is primarily driven by the amount and timing of the net cash flows we receive from the spread between the forecasted collection rate and the advance rate, less operating expenses and the cost of capital. Forecasting collection rates accurately at loan inception is difficult. With this in mind, we establish advance rates that are intended to allow us to achieve acceptable levels of profitability across our portfolio, even if collection rates are less than we initially forecast.

    The following table presents aggregate forecasted Consumer Loan collection rates, advance rates, and spreads (the forecasted collection rate less the advance rate), and the percentage of the forecasted collections that had been realized as of December 31, 2024, as well as forecasted collection rates and spreads at the time of assignment. All amounts, unless otherwise noted, are presented as a percentage of the initial balance of the Consumer Loan (principal + interest). The table includes both dealer loans and purchased loans.

        Forecasted Collection % as of       Spread % as of    
     Consumer Loan Assignment Year   December 31, 2024   Initial Forecast   Advance % (1)   December 31, 2024   Initial Forecast   % of Forecast
    Realized (2)
    2015           65.3  %           67.7  %           44.5  %           20.8  %           23.2  %           99.7  %
    2016           63.9  %           65.4  %           43.8  %           20.1  %           21.6  %           99.5  %
    2017           64.7  %           64.0  %           43.2  %           21.5  %           20.8  %           99.2  %
    2018           65.5  %           63.6  %           43.5  %           22.0  %           20.1  %           98.6  %
    2019           67.2  %           64.0  %           44.0  %           23.2  %           20.0  %           96.9  %
    2020           67.7  %           63.4  %           43.9  %           23.8  %           19.5  %           92.4  %
    2021           63.8  %           66.3  %           46.0  %           17.8  %           20.3  %           83.6  %
    2022           60.2  %           67.5  %           47.4  %           12.8  %           20.1  %           66.0  %
    2023           64.3  %           67.5  %           46.2  %           18.1  %           21.3  %           43.1  %
         2024 (3)           66.5  %           67.2  %           45.1  %           21.4  %           22.1  %           15.1  %

    (1)   Represents advances paid to dealers on Consumer Loans assigned under our portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under our purchase program as a percentage of the initial balance of the Consumer Loans.  Payments of dealer holdback and accelerated dealer holdback are not included.
    (2)   Presented as a percentage of total forecasted collections.
    (3)   The forecasted collection rate, advance rate and spread for 2024 Consumer Loans as of December 31, 2024 include both Consumer Loans that were in our portfolio as of September 30, 2024 and Consumer Loans assigned during the most recent quarter. The following table provides forecasted collection rates, advance rates, and spreads for each of these segments:

        Forecasted Collection % as of       Spread % as of
    2024 Consumer Loan Assignment Period   December 31, 2024   Initial Forecast   Advance %   December 31, 2024   Initial Forecast
    January 1, 2024 through September 30, 2024           66.4  %           67.3  %           45.3  %           21.1  %           22.0  %
    October 1, 2024 through December 31, 2024           66.8  %           66.9  %           44.5  %           22.3  %           22.4  %

    The risk of a material change in our forecasted collection rate declines as the Consumer Loans age. For 2020 and prior Consumer Loan assignments, the risk of a material forecast variance is modest, as we have currently realized in excess of 90% of the expected collections. Conversely, the forecasted collection rates for more recent Consumer Loan assignments are less certain as a significant portion of our forecast has not been realized.

    The spread between the forecasted collection rate as of December 31, 2024 and the advance rate ranges from 12.8% to 23.8%, on an annual basis, for Consumer Loans assigned over the last 10 years. The spreads with respect to 2019 and 2020 Consumer Loans have been positively impacted by Consumer Loan performance, which has exceeded our initial estimates by a greater margin than the other years presented. The spread with respect to 2022 Consumer Loans has been negatively impacted by Consumer Loan performance, which has been lower than our initial estimates by a greater margin than the other years presented. The higher spread for 2024 Consumer Loans relative to 2023 Consumer Loans as of December 31, 2024 was primarily a result of Consumer Loan performance, as the performance of 2023 Consumer Loans has been lower than our initial estimates by a greater margin than 2024 Consumer Loans. Additionally, 2024 Consumer Loans had a higher initial spread, which was primarily due to a decrease in the advance rate.

    The following table compares our forecast of aggregate Consumer Loan collection rates as of December 31, 2024 with the forecasts at the time of assignment, for dealer loans and purchased loans separately:

        Dealer Loans   Purchased Loans
        Forecasted Collection Percentage as of (1)       Forecasted Collection Percentage as of (1)    
     Consumer Loan Assignment Year   December 31,
    2024    		   Initial
    Forecast    		   Variance   December 31,
    2024    		   Initial
    Forecast    		   Variance
    2015           64.6  %           67.5  %           -2.9  %           69.0  %           68.5  %           0.5  %
    2016           63.1  %           65.1  %           -2.0  %           66.1  %           66.5  %           -0.4  %
    2017           64.1  %           63.8  %           0.3  %           66.3  %           64.6  %           1.7  %
    2018           64.9  %           63.6  %           1.3  %           66.8  %           63.5  %           3.3  %
    2019           66.8  %           63.9  %           2.9  %           67.9  %           64.2  %           3.7  %
    2020           67.5  %           63.3  %           4.2  %           67.9  %           63.6  %           4.3  %
    2021           63.5  %           66.3  %           -2.8  %           64.3  %           66.3  %           -2.0  %
    2022           59.5  %           67.3  %           -7.8  %           62.1  %           68.0  %           -5.9  %
    2023           63.1  %           66.8  %           -3.7  %           67.7  %           69.4  %           -1.7  %
    2024           65.4  %           66.3  %           -0.9  %           70.7  %           70.7  %           0.0  %

    (1)   The forecasted collection rates presented for dealer loans and purchased loans reflect the Consumer Loan classification at the time of assignment. The forecasted collection rates represent the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest. Forecasted collection rates are negatively impacted by canceled Consumer Loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates.

    The following table presents aggregate forecasted Consumer Loan collection rates, advance rates, and spreads (the forecasted collection rate less the advance rate) as of December 31, 2024 for dealer loans and purchased loans separately.  All amounts are presented as a percentage of the initial balance of the Consumer Loan (principal + interest).

        Dealer Loans   Purchased Loans
     Consumer Loan Assignment Year   Forecasted Collection % (1)   Advance % (1)(2)   Spread %   Forecasted Collection % (1)   Advance % (1)(2)   Spread %
    2015           64.6  %           43.4  %           21.2  %           69.0  %           50.2  %           18.8  %
    2016           63.1  %           42.1  %           21.0  %           66.1  %           48.6  %           17.5  %
    2017           64.1  %           42.1  %           22.0  %           66.3  %           45.8  %           20.5  %
    2018           64.9  %           42.7  %           22.2  %           66.8  %           45.2  %           21.6  %
    2019           66.8  %           43.1  %           23.7  %           67.9  %           45.6  %           22.3  %
    2020           67.5  %           43.0  %           24.5  %           67.9  %           45.5  %           22.4  %
    2021           63.5  %           45.1  %           18.4  %           64.3  %           47.7  %           16.6  %
    2022           59.5  %           46.4  %           13.1  %           62.1  %           50.1  %           12.0  %
    2023           63.1  %           44.8  %           18.3  %           67.7  %           49.8  %           17.9  %
    2024           65.4  %           44.1  %           21.3  %           70.7  %           48.9  %           21.8  %

    (1)   The forecasted collection rates and advance rates presented for dealer loans and purchased loans reflect the Consumer Loan classification at the time of assignment.
    (2)   Represents advances paid to dealers on Consumer Loans assigned under our portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under our purchase program as a percentage of the initial balance of the Consumer Loans.  Payments of dealer holdback and accelerated dealer holdback are not included.

    Although the advance rate on purchased loans is higher as compared to the advance rate on dealer loans, purchased loans do not require us to pay dealer holdback.

    The spread as of December 31, 2024 on 2024 dealer loans was 21.3%, as compared to a spread of 18.3% on 2023 dealer loans. The increase was primarily due to Consumer Loan performance, as the performance of 2023 dealer loans has been lower than our initial estimates by a greater margin than 2024 dealer loans.

    The spread as of December 31, 2024 on 2024 purchased loans was 21.8%, as compared to a spread of 17.9% on 2023 purchased loans. The increase was primarily a result of a higher initial spread on 2024 purchased loans, due to a higher initial forecast and lower advance rate. Additionally, the performance of 2023 purchased loans has been lower than our initial estimates.

    Consumer Loan Volume

    The following table summarizes changes in Consumer Loan assignment volume in each of the last eight quarters as compared to the same period in the previous year:

        Year over Year Percent Change
    Three Months Ended   Unit Volume   Dollar Volume (1)
    March 31, 2023           22.8  %           18.6  %
    June 30, 2023           12.8  %           8.3  %
    September 30, 2023           13.0  %           10.5  %
    December 31, 2023           26.7  %           21.3  %
    March 31, 2024           24.1  %           20.2  %
    June 30, 2024           20.9  %           16.3  %
    September 30, 2024           17.7  %           12.2  %
    December 31, 2024           0.3  %           -4.9  %

    (1)   Represents advances paid to dealers on Consumer Loans assigned under our portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under our purchase program.  Payments of dealer holdback and accelerated dealer holdback are not included.

    Consumer Loan assignment volumes depend on a number of factors including (1) the overall demand for our financing programs, (2) the amount of capital available to fund new loans, and (3) our assessment of the volume that our infrastructure can support. Our pricing strategy is intended to maximize the amount of economic profit we generate, within the confines of capital and infrastructure constraints.

    Unit volumes grew 0.3% while dollar volume declined 4.9% during the fourth quarter of 2024 as the number of active dealers grew 4.7% and the average unit volume per active dealer declined 3.7%. Dollar volume declined while unit volume grew modestly during the fourth quarter of 2024 due to a decrease in the average advance paid, resulting from decreases in the average size of Consumer Loans assigned and the average advance rate. Unit volume for the 28-day period ended January 28, 2025 decreased 3.2% compared to the same period in 2024.

    The following table summarizes the changes in Consumer Loan unit volume and active dealers:

      For the Three Months Ended December 31,       For the Years Ended
    December 31,    		    
      2024   2023   % Change   2024   2023   % Change
    Consumer Loan unit volume         78,911            78,652            0.3  %           386,126            332,499            16.1  %
    Active dealers (1)         10,149            9,693            4.7  %           15,463            14,174            9.1  %
          Average volume per active dealer         7.8            8.1            -3.7  %           25.0            23.5            6.4  %
                           
    Consumer Loan unit volume from dealers active both periods         61,222            64,393            -4.9  %           339,361            304,779            11.3  %
    Dealers active both periods         6,294            6,294            —              10,637            10,637            —   
    Average volume per dealer active both periods         9.7            10.2            -4.9  %           31.9            28.7            11.3  %
                           
    Consumer loan unit volume from dealers not active both periods         17,689            14,259            24.1  %           46,765            27,720            68.7  %
    Dealers not active both periods         3,855            3,399            13.4  %           4,826            3,537            36.4  %
    Average volume per dealer not active both periods         4.6            4.2            9.5  %           9.7            7.8            24.4  %

    (1)   Active dealers are dealers who have received funding for at least one Consumer Loan during the period.

    The following table provides additional information on the changes in Consumer Loan unit volume and active dealers: 

      For the Three Months Ended December 31,       For the Years Ended
    December 31,    		    
      2024     2023     % Change   2024     2023     % Change
    Consumer Loan unit volume from new active dealers         2,733              3,307              -17.4  %           43,985              46,741              -5.9  %
    New active dealers (1)         902              975              -7.5  %           4,330              4,070              6.4  %
    Average volume per new active dealer         3.0              3.4              -11.8  %           10.2              11.5              -11.3  %
                           
    Attrition (2)         -18.1  %           -17.4  %               -8.3  %           -7.3  %    

    (1)   New active dealers are dealers who enrolled in our program and have received funding for their first dealer loan or purchased loan from us during the period.
    (2)   Attrition is measured according to the following formula:  decrease in Consumer Loan unit volume from dealers who have received funding for at least one dealer loan or purchased loan during the comparable period of the prior year but did not receive funding for any dealer loans or purchased loans during the current period divided by prior year comparable period Consumer Loan unit volume.

    The following table shows the percentage of Consumer Loans assigned to us as dealer loans and purchased loans for each of the last eight quarters:

        Unit Volume   Dollar Volume (1)
    Three Months Ended   Dealer Loans   Purchased Loans   Dealer Loans   Purchased Loans
    March 31, 2023           72.1  %           27.9  %           68.1  %           31.9  %
    June 30, 2023           72.4  %           27.6  %           68.6  %           31.4  %
    September 30, 2023           74.8  %           25.2  %           71.7  %           28.3  %
    December 31, 2023           77.2  %           22.8  %           75.0  %           25.0  %
    March 31, 2024           78.2  %           21.8  %           76.6  %           23.4  %
    June 30, 2024           78.5  %           21.5  %           77.3  %           22.7  %
    September 30, 2024           79.5  %           20.5  %           78.4  %           21.6  %
    December 31, 2024           78.7  %           21.3  %           77.7  %           22.3  %

    (1)   Represents advances paid to dealers on Consumer Loans assigned under our portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under our purchase program.  Payments of dealer holdback and accelerated dealer holdback are not included.

    As of December 31, 2024 and December 31, 2023, the net dealer loans receivable balance was 72.3% and 67.7%, respectively, of the total net loans receivable balance.

    Financial Results

    (Dollars in millions, except per share data) For the Three Months Ended December 31,       For the Years Ended December 31,    
        2024     2023   % Change     2024     2023   % Change
    GAAP average debt $         6,202.5   $         4,986.3           24.4  %   $         5,849.7   $         4,785.7           22.2  %
    GAAP average shareholders’ equity           1,712.3             1,734.3           -1.3  %             1,652.1             1,722.9           -4.1  %
    Average capital $         7,914.8   $         6,720.6           17.8  %   $         7,501.8   $         6,508.6           15.3  %
    GAAP net income $         151.9   $         93.6           62.3  %   $         247.9   $         286.1           -13.4  %
    Diluted weighted average shares outstanding   12,388,072     12,837,181           -3.5  %     12,469,283     13,010,735           -4.2  %
    GAAP net income per diluted share $         12.26   $         7.29           68.2  %   $         19.88   $         21.99           -9.6  %

    The increase in GAAP net income for the three months ended December 31, 2024, as compared to the same period in 2023, was primarily a result of the following:

    • An increase in finance charges of 14.7% ($66.6 million), primarily due to an increase in the average balance of our loan portfolio.
    • A decrease in provision for credit losses of 24.6% ($40.3 million), due to:
      • A decrease in provision for credit losses on forecast changes of $31.4 million, due to a smaller decline in Consumer Loan performance.
      • A decrease in provision for credit losses on new Consumer Loan assignments of $8.9 million, primarily due a 13.1% decrease in the average provision per Consumer Loan assignment. The decrease in average provision per new Consumer Loan assignment was primarily due to a decrease in the average advance rate for 2024 Consumer Loans.
      • The following table summarizes each component of provision for credit losses:
    (In millions) For the Three Months Ended December 31,    
    Provision for Credit Losses   2024     2023   Change
    Forecast changes $         62.9    $         94.3    $         (31.4)  
    New Consumer Loan assignments           60.5              69.4              (8.9)  
    Total $         123.4    $         163.7    $         (40.3)  
    • An increase in premiums earned of 14.8% ($3.2 million), primarily due to growth in the size of our reinsurance portfolio, which resulted from growth in new Consumer Loan assignments and an increase in the average premium written per reinsured vehicle service contract in recent periods.
    • An increase in operating expenses of 6.4% ($7.3 million), primarily due to:
      • An increase in salaries and wages expense of 17.4% ($11.5 million), primarily due to increases in (i) the number of team members as we are investing in our business with the goal of increasing the speed at which we enhance our product for dealers and consumers, (ii) stock-based compensation expense, primarily due to equity awards granted to our executive officers and senior leaders, and (iii) fringe benefits, primarily due to higher medical claims.
      • A decrease in general and administrative expenses of 19.7% ($5.4 million), primarily due to a decrease in legal expenses.
    • An increase in provision for income taxes of 75.4% ($17.2 million), primarily due to an increase in pre-tax income.
    • An increase in interest expense of 41.2% ($32.5 million), due to:
      • An increase in our average outstanding debt balance, which increased interest expense by $19.0 million, primarily due to borrowings used to fund the growth of our loan portfolio and stock repurchases.
      • An increase in our average cost of debt, which increased interest expense by $13.5 million, primarily as a result of higher interest rates on recently completed or extended secured financings and recently issued senior notes and the repayment of older secured financings and senior notes with lower interest rates.

    The decrease in GAAP net income for the year ended December 31, 2024, as compared to the same period in 2023, was primarily a result of the following:

    • An increase in interest expense of 57.4% ($153.0 million), due to:
      • An increase in our average cost of debt, which increased interest expense by $93.7 million, primarily as a result of higher interest rates on recently completed or extended secured financings and recently issued senior notes and the repayment of older secured financings and senior notes with lower interest rates.
      • An increase in our average outstanding debt balance, which increased interest expense by $59.3 million, primarily due to borrowings used to fund the growth of our loan portfolio and stock repurchases.
    • An increase in provision for credit losses of 10.7% ($78.5 million), primarily due to an increase in provision for credit losses on forecast changes of $80.1 million, due to a greater decline in Consumer Loan performance and slower net cash flow timing during 2024 compared to 2023.

    During 2024, we decreased our estimate of future net cash flows by $314.0 million, or 3.1%, to reflect a decline in forecasted collection rates during the period, and slowed our forecasted net cash flow timing to reflect a decrease in Consumer Loan prepayments, which remain below historical averages. Historically, Consumer Loan prepayments have been lower in periods with less availability of consumer credit. The $314.0 million decrease in forecasted net cash flows for 2024 was composed of an ordinary decrease in forecasted net cash flows of $166.8 million, or 1.7%, and an adjustment applied to our forecasting methodology during the second quarter of 2024, which upon implementation, reduced forecasted net cash flows by $147.2 million, or 1.4%, and increased our provision for credit losses by $127.5 million.

    During 2023, we decreased our estimate of future net cash flows by $206.3 million, or 2.3%, to reflect a decline in forecasted collection rates during the period and slowed our forecasted net cash flow timing to reflect a decrease in Consumer Loan prepayments. The $206.3 million decrease in forecasted net cash flows for 2023 was composed of an ordinary decrease in forecasted net cash flows of $161.8 million, or 1.8%, and an adjustment to our forecasting methodology during the second quarter of 2023, which upon implementation, decreased our estimate of future net cash flows by $44.5 million, or 0.5%, and increased our provision for credit losses by $71.3 million.

    The following table summarizes each component of provision for credit losses:

    (In millions)   For the Years Ended December 31,    
    Provision for Credit Losses     2024     2023   Change
    Forecast changes   $         493.8    $         413.7    $         80.1   
    New Consumer Loan assignments             320.9              322.5              (1.6)  
    Total   $         814.7    $         736.2    $         78.5   
    • An increase in operating expenses of 9.2% ($42.4 million), primarily due to:
      • An increase in salaries and wages expense of 10.3% ($29.0 million), primarily due to increases in (i) the number of team members as we are investing in our business with the goal of increasing the speed at which we enhance our product for dealers and consumers, (ii) fringe benefits, primarily due to higher medical claims, and (iii) stock-based compensation expense, primarily due to equity awards granted to our executive officers and senior leaders.
      • An increase in general and administrative expense of 12.3% ($10.7 million), primarily due to increases in legal and technology systems expenses.
    • A loss on sale of building of $23.7 million related to the sale of one of our two office buildings. The building was sold to reduce excess office space and eliminate the associated annual operating costs of approximately $2.1 million.
    • An increase in premiums earned of 20.7% ($16.5 million), primarily due to growth in the size of our reinsurance portfolio, which resulted from growth in new Consumer Loan assignments and an increase in the average premium written per reinsured vehicle service contract in recent periods.
    • An increase in finance charges of 13.5% ($237.3 million), primarily due to an increase in the average balance of our loan portfolio.

    Adjusted financial results are provided to help shareholders understand our financial performance. The financial data below is non-GAAP, unless labeled otherwise. We use adjusted financial information internally to measure financial performance and to determine certain incentive compensation. We also use economic profit as a framework to evaluate business decisions and strategies, with the objective to maximize economic profit over the long term. In addition, certain debt facilities utilize adjusted financial information for the determination of loan collateral values and to measure financial covenants. The table below shows our results following adjustments to reflect non-GAAP accounting methods. Material adjustments are explained in the table footnotes and the subsequent “Floating Yield Adjustment” and “Senior Notes Adjustment” sections. Measures such as adjusted average capital, adjusted net income, adjusted net income per diluted share, adjusted interest expense (after-tax), adjusted net income plus adjusted interest expense (after-tax), adjusted return on capital, adjusted revenue, operating expenses, adjusted loans receivable, economic profit, and economic profit per diluted share are non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP.

    Adjusted financial results for the three months and year ended December 31, 2024, compared to the same periods in 2023, include the following:

    (Dollars in millions, except per share data) For the Three Months Ended December 31,       For the Years Ended
    December 31,    		    
        2024       2023     % Change     2024       2023     % Change
    Adjusted average capital $         8,633.3      $         7,234.3              19.3  %   $         8,140.5      $         6,909.8              17.8  %
    Adjusted net income $         126.0      $         129.1              -2.4  %   $         478.9      $         535.6              -10.6  %
    Adjusted interest expense (after-tax) $         85.7      $         63.4              35.2  %   $         323.0      $         209.5              54.2  %
    Adjusted net income plus adjusted interest expense (after-tax) $         211.7      $         192.5              10.0  %   $         801.9      $         745.1              7.6  %
    Adjusted return on capital           9.8  %             10.6  %           -7.5  %             9.9  %             10.8  %           -8.3  %
    Cost of capital           7.4  %             7.6  %           -2.6  %             7.4  %             7.0  %           5.7  %
    Economic profit $         51.3      $         55.9              -8.2  %   $         200.3      $         260.5              -23.1  %
    Diluted weighted average shares outstanding   12,388,072        12,837,181              -3.5  %     12,469,283        13,010,735              -4.2  %
    Adjusted net income per diluted share $         10.17      $         10.06              1.1  %   $         38.41      $         41.17              -6.7  %
          Economic profit per diluted share $         4.14      $         4.35              -4.8  %   $         16.06      $         20.02              -19.8  %

    Economic profit decreased 8.2% and 23.1% for the three months and year ended December 31, 2024, as compared to the same periods in 2023. Economic profit is a function of the return on capital in excess of the cost of capital and the amount of capital invested in the business. The following table summarizes the impact each of these components had on the changes in economic profit for the three months and year ended December 31, 2024, as compared to the same periods in 2023:

    (In millions) Year over Year Change in Economic Profit
      For the Three Months Ended December 31, 2024   For the Year Ended December 31, 2024
    Decrease in adjusted return on capital $         (17.9)     $         (76.0)  
    Decrease (increase) in cost of capital           2.5                (30.5)  
    Increase in adjusted average capital           10.8                46.3   
    Decrease in economic profit $         (4.6)     $         (60.2)  

    The decrease in economic profit for the three months ended December 31, 2024, as compared to the same period in 2023, was primarily a result of the following:

    • A decrease in our adjusted return on capital of 80 basis points, primarily due to:
      • A decrease in the yield used to recognize adjusted finance charges on our loan portfolio decreased our adjusted return on capital by 150 basis points, primarily due to both a decline in forecasted collection rates and slower forecasted net cash flow timing since the third quarter of 2023. The slower forecasted net cash flow timing was primarily a result of a decrease in Consumer Loan prepayments, which remain below historical averages.
      • Slower growth in operating expenses increased our adjusted return on capital by 50 basis points as operating expenses grew by 6.4% while adjusted average capital grew by 19.3%.
    • An increase in adjusted average capital of 19.3%, primarily due to an increase in the average balance of our loan portfolio.

    The decrease in economic profit for the year ended December 31, 2024, as compared to the same period in 2023, was primarily a result of the following:

    • A decrease in our adjusted return on capital of 90 basis points, primarily due to:
      • A decrease in the yield used to recognize adjusted finance charges on our loan portfolio decreased our adjusted return on capital by 140 basis points, primarily due to both a decline in forecasted collection rates and slower forecasted net cash flow timing since the first quarter of 2023. The slower forecasted net cash flow timing was primarily a result of a decrease in Consumer Loan prepayments, which remain below historical averages.
      • Slower growth in operating expenses increased our adjusted return on capital by 40 basis points as operating expenses grew by 9.2% while adjusted average capital grew by 17.8%.
    • An increase in our cost of capital, primarily due to an increase in our cost of debt, primarily as a result of higher interest rates on recently completed or extended secured financings and recently issued senior notes and the repayment of older secured financings and senior notes with lower interest rates.
    • An increase in adjusted average capital of 17.8%, primarily due to an increase in the average balance of our loan portfolio.

    The following table shows adjusted revenue and operating expenses as a percentage of adjusted average capital, the adjusted return on capital, and the percentage change in adjusted average capital for each of the last eight quarters, compared to the same period in the prior year:

        For the Three Months Ended
        Dec. 31, 2024   Sept. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sept. 30, 2023   Jun. 30, 2023   Mar. 31, 2023
    Adjusted revenue as a percentage of adjusted average capital (1)           18.4  %           18.2  %           19.6  %           19.8  %           20.2  %           20.7  %           21.2  %           20.6  %
    Operating expenses as a percentage of adjusted average capital (1)           5.6  %           6.2  %           6.2  %           6.7  %           6.3  %           6.3  %           6.9  %           7.2  %
    Adjusted return on capital (1)           9.8  %           9.3  %           10.3  %           10.1  %           10.6  %           11.1  %           11.1  %           10.3  %
    Percentage change in adjusted average capital compared to the same period in the prior year           19.3  %           19.4  %           17.6  %           14.6  %           11.5  %           8.8  %           6.2  %           1.0  %

    (1)   Annualized.

    The increase in adjusted return on capital for the three months ended December 31, 2024, as compared to the three months ended September 30, 2024, was primarily due to a decrease in operating expenses, which increased adjusted return on capital by 40 basis points, as operating expenses declined by 6.0% while adjusted average capital grew by 2.9%. The $7.8 million decrease in operating expenses was primarily due to a decrease in legal expenses.

    The following tables provide a reconciliation of non-GAAP measures to GAAP measures.  Certain amounts do not recalculate due to rounding.

    (Dollars in millions, except per share data)   For the Three Months Ended
        Dec. 31, 2024   Sept. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sept. 30, 2023   Jun. 30, 2023   Mar. 31, 2023
    Adjusted net income                                
    GAAP net income (loss)   $         151.9      $         78.8      $         (47.1)     $         64.3      $         93.6      $         70.8      $         22.2      $         99.5   
    Floating yield adjustment (after-tax)             (116.8)               (115.1)               (96.1)               (92.4)               (83.9)               (76.4)               (73.9)               (75.9)  
    GAAP provision for credit losses (after-tax)             95.0                142.2                246.9                143.2                126.1                142.1                192.9                105.8   
    Loss on sale of building (after-tax) (1)             —                —                18.3                —                —                —                —                —   
    Senior notes adjustment (after-tax)             —                —                —                —                (2.6)               (0.5)               (0.6)               (0.5)  
    Income tax adjustment (2)             (4.1)               3.2                4.4                2.3                (4.1)               3.5                (0.6)               (1.9)  
    Adjusted net income   $         126.0      $         109.1      $         126.4      $         117.4      $         129.1      $         139.5      $         140.0      $         127.0   
                                     
    Adjusted net income per diluted share (3)   $         10.17      $         8.79      $         10.29      $         9.28      $         10.06      $         10.70      $         10.69      $         9.71   
    Diluted weighted average shares outstanding     12,388,072        12,415,143        12,282,174        12,646,529        12,837,181        13,039,638        13,099,961        13,073,316   
                                     
    Adjusted revenue                                
    GAAP total revenue   $         565.9      $         550.3      $         538.2      $         508.0      $         491.6      $         478.6     $         477.9      $         453.8   
    Floating yield adjustment             (151.8)               (149.4)               (124.8)               (120.0)               (108.9)               (99.3)               (96.1)               (98.4)  
    GAAP provision for claims             (17.7)               (18.5)               (20.3)               (17.0)               (16.6)               (16.5)               (19.7)               (17.9)  
    Adjusted revenue   $         396.4      $         382.4      $         393.1      $         371.0      $         366.1      $         362.8      $         362.1      $         337.5   
                                     
    Adjusted average capital                                
    GAAP average debt   $         6,202.5      $         6,071.1      $         5,818.2      $         5,306.8      $         4,986.3      $         4,831.4      $         4,730.3      $         4,594.7   
    Deferred debt issuance adjustment             —                —                —                —                20.9                24.5                24.0                21.2   
    Senior notes debt adjustment             —                —                —                —                2.8                3.4                3.4                3.4   
    Adjusted average debt             6,202.5                6,071.1                5,818.2                5,306.8                5,010.0                4,859.3                4,757.7                4,619.3   
    GAAP average shareholders’ equity             1,712.3                1,594.2                1,623.5                1,678.5                1,734.3                1,731.3                1,752.6                1,673.3   
    Senior notes equity adjustment             —                —                —                —                2.0                2.9                3.4                4.0   
    Income tax adjustment (4)             (118.5)               (118.5)               (118.5)               (118.5)               (118.5)               (118.5)               (118.5)               (118.5)  
    Floating yield adjustment             837.0                840.8                710.1                641.0                606.5                548.9                433.9                373.7   
    Adjusted average equity             2,430.8                2,316.5                2,215.1                2,201.0                2,224.3                2,164.6                2,071.4                1,932.5   
    Adjusted average capital   $         8,633.3      $         8,387.6      $         8,033.3      $         7,507.8      $         7,234.3      $         7,023.9      $         6,829.1      $         6,551.8   
                                     
    Adjusted revenue as a percentage of adjusted average capital (5)             18.4  %             18.2  %             19.6  %             19.8  %             20.2  %             20.7  %             21.2  %             20.6  %
                                     
    Adjusted loans receivable                                
    GAAP loans receivable, net   $         7,850.3      $         7,781.5      $         7,547.7      $         7,345.6      $         6,955.3      $         6,780.5      $         6,610.3      $         6,500.3   
    Floating yield adjustment             1,072.4                1,100.8                1,065.6                869.7                803.8                748.9                663.7                509.2   
    Adjusted loans receivable   $         8,922.7      $         8,882.3      $         8,613.3      $         8,215.3      $         7,759.1      $         7,529.4      $         7,274.0      $         7,009.5   
                                     
    Adjusted interest expense (after-tax)                                
    GAAP interest expense   $         111.3      $         111.2      $         104.5      $         92.5      $         78.8      $         70.5      $         62.8      $         54.4   
    Senior notes adjustment             —                —                —                —                3.5                0.7                0.7                0.7   
    Adjusted interest expense (pre-tax)             111.3                111.2                104.5                92.5                82.3                71.2                63.5                55.1   
    Adjustment to record tax effect (2)             (25.6)               (25.6)               (24.0)               (21.3)               (18.9)               (16.4)               (14.6)               (12.7)  
    Adjusted interest expense (after-tax)   $         85.7      $         85.6      $         80.5      $         71.2      $         63.4      $         54.8      $         48.9      $         42.4   

    (1)   The sale of one of our two office buildings in June 2024 resulted in a loss on the sale of the asset. As this transaction is both unusual and infrequent in nature, we applied this adjustment to remove the impact of the loss on sale of building from our adjusted net income.
    (2)   Adjustment to record taxes at our estimated long-term effective income tax rate of 23%. 
    (3)   Net income per diluted share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per diluted share information may not equal year-to-date net income per diluted share.
    (4)   The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in the reversal of $118.5 million of provision for income taxes to reflect the new federal statutory income tax rate. This adjustment removes the impact of this reversal from adjusted average capital. We believe the income tax adjustment provides a more accurate reflection of the performance of our business as we are recognizing provision for income taxes at the applicable long-term effective tax rate for the period.
    (5)   Annualized.

    (Dollars in millions)   For the Three Months Ended
        Dec. 31, 2024   Sept. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sept. 30, 2023   Jun. 30, 2023   Mar. 31, 2023
    Adjusted return on capital (1)                                
    Adjusted net income   $         126.0      $         109.1      $         126.4      $         117.4      $         129.1      $         139.5      $         140.0      $         127.0   
    Adjusted interest expense (after-tax)             85.7                85.6                80.5                71.2                63.4                54.8                48.9                42.4   
    Adjusted net income plus adjusted interest expense (after-tax)   $         211.7      $         194.7      $         206.9      $         188.6      $         192.5      $         194.3      $         188.9      $         169.4   
                                     
    Reconciliation of GAAP return on equity to adjusted return on capital (4)                                
    GAAP return on equity (2)             35.5  %             19.8  %             -11.6  %             15.3  %             21.6  %             16.4  %             5.1  %             23.8  %
    Non-GAAP adjustments             -25.7  %             -10.5  %             21.9  %             -5.2  %             -11.0  %             -5.3  %             6.0  %             -13.5  %
    Adjusted return on capital (1)             9.8  %             9.3  %             10.3  %             10.1  %             10.6  %             11.1  %             11.1  %             10.3  %
                                     
    Economic profit                                
    Adjusted return on capital             9.8  %             9.3  %             10.3  %             10.1  %             10.6  %             11.1  %             11.1  %             10.3  %
    Cost of capital (3) (4)             7.4  %             7.3  %             7.5  %             7.3  %             7.6  %             7.1  %             6.7  %             6.6  %
    Adjusted return on capital in excess of cost of capital             2.4  %             2.0  %             2.8  %             2.8  %             3.0  %             4.0  %             4.4  %             3.7  %
    Adjusted average capital   $         8,633.3      $         8,387.6      $         8,033.3      $         7,507.8      $         7,234.3      $         7,023.9      $         6,829.1      $         6,551.8   
        Economic profit   $         51.3      $         41.4      $         56.2      $         51.4      $         55.9      $         69.1      $         74.1      $         61.4   
                                     
    Reconciliation of GAAP net income (loss) to economic profit                                
    GAAP net income (loss)   $         151.9      $         78.8      $         (47.1)     $         64.3      $         93.6      $         70.8      $         22.2      $         99.5   
    Non-GAAP adjustments             (25.9)               30.3                173.5                53.1                35.5                68.7                117.8                27.5   
    Adjusted net income             126.0                109.1                126.4                117.4                129.1                139.5                140.0                127.0   
    Adjusted interest expense (after-tax)             85.7                85.6                80.5                71.2                63.4                54.8                48.9                42.4   
    Adjusted net income plus adjusted interest expense (after-tax)             211.7                194.7                206.9                188.6                192.5                194.3                188.9                169.4   
    Less: cost of capital             160.4                153.3                150.7                137.2                136.6                125.2                114.8                108.0   
    Economic profit   $         51.3      $         41.4      $         56.2      $         51.4      $         55.9      $         69.1      $         74.1      $         61.4   
                                     
    Economic profit per diluted share (5)   $         4.14      $         3.33      $         4.58      $         4.06      $         4.35      $         5.30      $         5.66      $         4.70   
                                     
    Operating expenses as a percentage of adjusted average capital (4)             5.6  %             6.2  %             6.2  %             6.7  %             6.3  %             6.3  %             6.9  %             7.2  %
                                     
    Percentage change in adjusted average capital compared to the same period in the prior year             19.3  %             19.4  %             17.6  %             14.6  %             11.5  %             8.8  %             6.2  %             1.0  %

    (1)   Adjusted return on capital is defined as adjusted net income plus adjusted interest expense (after-tax) divided by adjusted average capital.
    (2)   Calculated by dividing GAAP net income (loss) by GAAP average shareholders’ equity.
    (3)   The cost of capital includes both a cost of equity and a cost of debt.  The cost of equity capital is determined based on a formula that considers the risk of the business and the risk associated with our use of debt.  The formula utilized for determining the cost of equity capital is as follows: (the average 30-year Treasury rate + 5%) + [(1 – tax rate) x (the average 30-year Treasury rate + 5% – pre-tax average cost of debt rate) x average debt/(average equity + average debt x tax rate)].  For the periods presented, the average 30-year Treasury rate and the adjusted pre-tax average cost of debt were as follows:

        For the Three Months Ended
        Dec. 31, 2024   Sept. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sept. 30, 2023   Jun. 30, 2023   Mar. 31, 2023
    Average 30-year Treasury rate           4.4  %           4.3  %           4.6  %           4.3  %           4.7  %           4.2  %           3.8  %           3.8  %
    Pre-tax average cost of debt (4)           7.2  %           7.3  %           7.2  %           7.0  %           6.3  %           5.9  %           5.3  %           4.8  %

    (4)   Annualized.
    (5)   Economic profit per diluted share is computed independently for each of the quarters presented. Therefore, the sum of quarterly economic profit per diluted share information may not equal year-to-date economic profit per diluted share.

    (In millions, except share and per share data)   For the Years Ended December 31,
          2024       2023  
    Adjusted net income        
    GAAP net income   $         247.9      $         286.1   
    Floating yield adjustment (after-tax)             (420.4)               (310.1)  
    GAAP provision for credit losses (after-tax)             627.3                566.9   
    Loss on sale of building (after-tax) (1)             18.3                —   
    Senior notes adjustment (after-tax)             —                (4.2)  
    Income tax adjustment (2)             5.8                (3.1)  
    Adjusted net income   $         478.9      $         535.6   
             
    Adjusted net income per diluted share   $         38.41     $         41.17  
    Diluted weighted average shares outstanding     12,469,283       13,010,735  
             
    Adjusted average capital        
    GAAP average debt   $         5,849.7      $         4,785.7   
    Deferred debt issuance adjustment             —                22.7   
    Senior notes debt adjustment             —                3.2   
    Adjusted average debt             5,849.7                4,811.6   
    GAAP average shareholders’ equity             1,652.1                1,722.9   
    Senior notes equity adjustment             —                3.1   
    Income tax adjustment (3)             (118.5)               (118.5)  
    Floating yield adjustment             757.2                490.7   
    Adjusted average equity             2,290.8                2,098.2   
    Adjusted average capital   $         8,140.5      $         6,909.8   
             
    Adjusted interest expense (after-tax)        
    GAAP interest expense   $         419.5      $         266.5   
    Senior notes adjustment             —                5.6   
    Adjusted interest expense (pre-tax)             419.5                272.1   
    Adjustment to record tax effect (2)             (96.5)               (62.6)  
    Adjusted interest expense (after-tax)   $         323.0      $         209.5   
             
    Adjusted return on capital (5)        
    Adjusted net income   $         478.9      $         535.6   
    Adjusted interest expense (after-tax)             323.0                209.5   
        Adjusted net income plus adjusted interest expense (after-tax)   $         801.9      $         745.1   
             
    Reconciliation of GAAP return on equity to adjusted return on capital        
    GAAP return on equity (4)             15.0  %             16.6  %
    Non-GAAP adjustments             -5.1  %             -5.8  %
    Adjusted return on capital (5)             9.9  %             10.8  %
             
    Economic profit        
    Adjusted return on capital             9.9  %             10.8  %
    Cost of capital (6)             7.4  %             7.0  %
    Adjusted return on capital in excess of cost of capital             2.5  %             3.8  %
    Adjusted average capital   $         8,140.5      $         6,909.8   
        Economic profit   $         200.3      $         260.5   
             
    Reconciliation of GAAP net income to economic profit        
    GAAP net income   $         247.9      $         286.1   
    Non-GAAP adjustments             231.0                249.5   
    Adjusted net income             478.9                535.6   
    Adjusted interest expense (after-tax)             323.0                209.5   
    Adjusted net income plus adjusted interest expense (after-tax)             801.9                745.1   
    Less: cost of capital             601.6                484.6   
    Economic profit   $         200.3      $         260.5   
             
    Economic profit per diluted share (7)   $         16.06      $         20.02   

    (1)   The sale of one of our two office buildings in June 2024 resulted in a loss on the sale of the asset. As this transaction is both unusual and infrequent in nature, we applied this adjustment to remove the impact of the loss on sale of building from our adjusted net income.   
    (2)        Adjustment to record taxes at our estimated long-term effective income tax rate of 23%.
    (3)   The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in the reversal of $118.5 million of provision for income taxes to reflect the new federal statutory income tax rate. This adjustment removes the impact of this reversal from adjusted average capital. We believe the income tax adjustment provides a more accurate reflection of the performance of our business as we are recognizing provision for income taxes at the applicable long-term effective tax rate for the period.
    (4)   Calculated by dividing GAAP net income by GAAP average shareholders’ equity.
    (5)   Adjusted return on capital is defined as adjusted net income plus adjusted interest expense after-tax divided by adjusted average capital.
    (6)   The cost of capital includes both a cost of equity and a cost of debt.  The cost of equity capital is determined based on a formula that considers the risk of the business and the risk associated with our use of debt.  The formula utilized for determining the cost of equity capital is as follows: (the average 30-year Treasury rate + 5%) + [(1 – tax rate) x (the average 30-year Treasury rate + 5% – pre-tax average cost of debt rate) x average debt/(average equity + average debt x tax rate)].  For the periods presented, the average 30-year Treasury rate and the adjusted pre-tax average cost of debt were as follows:

        For the Years Ended December 31,
        2024     2023  
    Average 30-year Treasury rate           4.4  %           4.1  %
    Pre-tax average cost of debt           7.2  %           5.5  %

    (7)   Economic profit per diluted share is computed independently for each of the quarters presented. Therefore, the sum of quarterly economic profit per diluted share information may not equal year-to-date economic profit per diluted share.

    Floating Yield Adjustment

    The net loan income (finance charge revenue less provision for credit losses expense) that we recognize over the life of a loan equals the cash we collect from the underlying Consumer Loan less the cash we pay to the dealer. We believe the economics of our business are best exhibited by recognizing loan revenue on a level-yield basis over the life of the loan based on expected future net cash flows. The purpose of this non-GAAP adjustment is to provide insight into our business by showing this level yield measure of income. Under GAAP, contractual amounts due in excess of the loan receivable balance at the time of assignment will be reflected as interest income, while contractual amounts due that are not expected to be collected are reflected in the provision for credit losses. Our non-GAAP floating yield adjustment recognizes the net effects of contractual interest income and expected credit losses in a single measure of finance charge revenue, consistent with how we manage our business. The floating yield adjustment recognizes revenue on a level-yield basis based upon expected future net cash flows, with any changes in expected future net cash flows, which are recognized immediately under GAAP as provision for credit losses, recognized over the remaining forecast period (up to 120 months after the origination date of the underlying Consumer Loans) for each individual dealer loan and purchased loan. The floating yield adjustment does not accelerate revenue recognition. Rather, it reduces revenue by taking amounts that are reported under GAAP as provision for credit losses and instead treating them as reductions of revenue over time.

    Under the GAAP methodology we employ, which is known as the current expected credit loss model, or CECL, we are required to recognize:

    • a significant provision for credit losses expense at the time of the loan’s assignment to us for contractual net cash flows we do not expect to realize; and
    • finance charge revenue in subsequent periods that is significantly in excess of our expected yield.

    Due to the GAAP treatment of contractual net cash flows we do not expect to realize at the time of loan assignment (i.e. significant expense at the time of loan assignment, which is offset by higher revenue in subsequent periods), we do not believe the GAAP methodology we employ provides sufficient transparency into the economics of our business, including our results of operations, financial condition, and financial leverage. Our floating yield adjustment enables us to provide measures of income that are not impacted by GAAP’s treatment of contractual net cash flows we do not expect to realize at the time of loan assignment. We believe the floating yield adjustment is presented in a manner which reflects both the economic reality of our business and how the business is managed and provides valuable supplemental information to help investors better understand our business, executive compensation, liquidity, and capital resources.

    Senior Notes Adjustment (applied in periods prior to December 31, 2023)

    This non-GAAP adjustment modifies our GAAP financial results to treat the issuance of certain senior notes as a refinancing of certain previously issued senior notes. Our historical adjusted financial information reflects application of the senior notes adjustment as described below in connection with (i) the issuance by us in 2014 of $300.0 million principal amount of 6.125% senior notes due 2021 (the “2021 senior notes”) and the related retirement of our 9.125% senior notes due 2017 (the “2017 senior notes”) and (ii) the issuance by us in 2019 of $400.0 million principal amount of 5.125% senior notes due 2024 (the “2024 senior notes”) and the related retirement of the 2021 senior notes and our 7.375% senior notes due 2023 (the “2023 senior notes”).

    We issued the 2024 senior notes on December 18, 2019. We used a portion of the net proceeds from the 2024 senior notes to repurchase or redeem all of the $300.0 million outstanding principal amount of the 2021 senior notes, of which $148.2 million was repurchased on December 18, 2019 and the remaining $151.8 million was redeemed on January 17, 2020. We used the remaining net proceeds from the 2024 senior notes, together with borrowings under our revolving credit facility, to redeem in full the $250.0 million outstanding principal amount of the 2023 senior notes on March 15, 2020. Under GAAP, the fourth quarter of 2019 included (i) a pre-tax loss on extinguishment of debt of $1.8 million related to the repurchase of 2021 senior notes in the fourth quarter of 2019 and the redemption of the remaining 2021 senior notes in the first quarter of 2020 and (ii) additional interest expense of $0.3 million on $160.0 million of additional outstanding debt caused by the one month lag from the issuance of the 2024 senior notes and repurchase of 2021 senior notes in the fourth quarter of 2019 to the redemption of the remaining 2021 senior notes in the first quarter of 2020. Under GAAP, the first quarter of 2020 included (i) a pre-tax loss on extinguishment of debt of $7.4 million related to the redemption of 2023 senior notes in the first quarter of 2020 and (ii) additional interest expense of $0.4 million on $160.0 million of additional outstanding debt caused by the one month lag from the issuance of the 2024 senior notes and repurchase of 2021 senior notes in the fourth quarter of 2019 to the redemption of the remaining 2021 senior notes in the first quarter of 2020.

    We issued the 2021 senior notes on January 22, 2014. On February 21, 2014, we used the net proceeds from the 2021 senior notes, together with borrowings under our revolving credit facilities, to redeem in full the $350.0 million outstanding principal amount of the 2017 senior notes. Under GAAP, the first quarter of 2014 included (i) a pre-tax loss on extinguishment of debt of $21.8 million related to the redemption of the 2017 senior notes in the first quarter of 2014 and (ii) additional interest expense of $1.4 million on $276.0 million of additional outstanding debt caused by the one month lag from the issuance of the 2021 senior notes to the redemption of the 2017 senior notes.

    Under our non-GAAP approach, the loss on extinguishment of debt and additional interest expense that were recognized for GAAP purposes were in each case deferred as debt issuance costs to be recognized ratably as interest expense over the term of the newly issued notes. In addition, for adjusted average capital purposes, the impact of additional outstanding debt related to the lag from the issuance of the new notes to the redemption of the previously issued notes was in each case deferred to be recognized ratably over the term of the newly issued notes. Upon the issuance of the 2024 senior notes in the fourth quarter of 2019, the outstanding unamortized balances of the non-GAAP adjustments related to the 2021 senior notes were deferred and were recognized ratably over the term of the 2024 senior notes, until the repurchase and redemption of the 2024 senior notes in December 2023.

    We believe the application of the senior notes adjustment as described above provides a more accurate reflection of the performance of our business, since we were recognizing the costs incurred with these transactions in a manner consistent with how we recognize the costs incurred when we periodically refinance our other debt facilities. We have determined not to apply the senior notes adjustment in connection with the issuance by us in December 2023 of our 9.250% senior notes due 2028 and the related retirement of the 2024 senior notes, because the adjustment would not be material.

    Cautionary Statement Regarding Forward-Looking Information

    We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of our forward-looking statements. Statements in this release that are not historical facts, such as those using terms like “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “assume,” “forecast,” “estimate,” “intend,” “plan,” “target,” or similar expressions, and those regarding our future results, plans, and objectives, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. Actual results could differ materially from these forward-looking statements since the statements are based on our current expectations, which are subject to risks and uncertainties. Factors that might cause such a difference include, but are not limited to, the factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2024, and other risk factors discussed herein or listed from time to time in our reports filed with the SEC and the following:

    Industry, Operational, and Macroeconomic Risks

    • Our inability to accurately forecast and estimate the amount and timing of future collections could have a material adverse effect on results of operations.
    • Due to competition from traditional financing sources and non-traditional lenders, we may not be able to compete successfully.
    • Adverse changes in economic conditions, the automobile or finance industries, or the non-prime consumer market could adversely affect our financial position, liquidity, and results of operations, the ability of key vendors that we depend on to supply us with services, and our ability to enter into future financing transactions.
    • Reliance on third parties to administer our ancillary product offerings could adversely affect our business and financial results.
    • We are dependent on our senior management and the loss of any of these individuals or an inability to hire additional team members could adversely affect our ability to operate profitably.
    • Our reputation is a key asset to our business, and our business may be affected by how we are perceived in the marketplace.
    • An outbreak of contagious disease or other public health emergency could materially and adversely affect our business, financial condition, liquidity, and results of operations.
    • The concentration in several states of automobile dealers who participate in our programs could adversely affect us.
    • Reliance on our outsourced business functions could adversely affect our business.
    • Our ability to hire and retain foreign engineering personnel could be hindered by immigration restrictions.
    • We may be unable to execute our business strategy due to current economic conditions.
    • Natural disasters, climate change, military conflicts, acts of war, terrorist attacks and threats, or the escalation of military activity in response to terrorist attacks or otherwise may negatively affect our business, financial condition, and results of operations.
    • Governmental or market responses to climate change and related environmental issues could have a material adverse effect on our business.
    • A small number of our shareholders have the ability to significantly influence matters requiring shareholder approval and such shareholders have interests which may conflict with the interests of our other security holders.

    Capital and Liquidity Risks

    • We may be unable to continue to access or renew funding sources and obtain capital needed to maintain and grow our business.
    • The terms of our debt limit how we conduct our business.
    • A violation of the terms of our asset-backed secured financings or revolving secured warehouse facilities could have a material adverse impact on our operations.
    • Our substantial debt could negatively impact our business, prevent us from satisfying our debt obligations, and adversely affect our financial condition.
    • We may not be able to generate sufficient cash flows to service our outstanding debt and fund operations and may be forced to take other actions to satisfy our obligations under such debt.
    • Interest rate fluctuations may adversely affect our borrowing costs, profitability, and liquidity.
    • Reduction in our credit rating could increase the cost of our funding from, and restrict our access to, the capital markets and adversely affect our liquidity, financial condition, and results of operations.
    • We may incur substantially more debt and other liabilities. This could exacerbate further the risks associated with our current debt levels.
    • The conditions of the U.S. and international capital markets may adversely affect lenders with which we have relationships, causing us to incur additional costs and reducing our sources of liquidity, which may adversely affect our financial position, liquidity, and results of operations.

    Technology and Cybersecurity Risks

    • Our dependence on technology could have a material adverse effect on our business.
    • We depend on secure information technology, and a breach of our systems or those of our third-party service providers could result in our experiencing significant financial, legal, and reputational exposure and could materially adversely affect our business, financial condition, and results of operations.
    • Our use of electronic contracts could impact our ability to perfect our ownership or security interest in Consumer Loans.
    • Failure to properly safeguard our proprietary business information or confidential consumer and team member personal information could subject us to liability, decrease our profitability, and damage our reputation.

    Legal and Regulatory Risks

    • Litigation we are involved in from time to time may adversely affect our financial condition, results of operations, and cash flows.
    • Changes in tax laws and the resolution of uncertain income tax matters could have a material adverse effect on our results of operations and cash flows from operations.
    • The regulations to which we are or may become subject could result in a material adverse effect on our business.

    Other factors not currently anticipated by management may also materially and adversely affect our business, financial condition, and results of operations. We do not undertake, and expressly disclaim any obligation, to update or alter our statements, whether as a result of new information or future events or otherwise, except as required by applicable law.

    Webcast Details

    We will host a webcast on January 30, 2025 at 5:00 p.m. Eastern Time to discuss our fourth quarter and full year results. The webcast can be accessed live by visiting the “Investor Relations” section of our website at ir.creditacceptance.com or by telephone as described below. Only persons accessing the webcast by telephone will be able to pose questions to the presenters during the webcast. A replay and transcript of the webcast will be archived in the “Investor Relations” section of our website. 

    To participate in the webcast by telephone, you must pre-register at https://register.vevent.com/register/BIa9a65d89cd7e4a4192d3cecb8f0d2b67, or through the link posted on the “Investor Relations” section of our website at ir.creditacceptance.com. Upon registration you will be provided with the dial-in number and a unique PIN to access the webcast by telephone.

    Description of Credit Acceptance Corporation

    We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

    Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

    CREDIT ACCEPTANCE CORPORATION
    CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)
            

    (Dollars in millions, except per share data) For the Three Months Ended December 31,   For the Years Ended December 31,
        2024     2023     2024     2023
    Revenue:              
    Finance charges $         518.2    $         451.6    $         1,992.7    $         1,755.4 
    Premiums earned           24.8              21.6              96.1              79.6 
    Other income           22.9              18.4              73.6              66.9 
    Total revenue           565.9              491.6              2,162.4              1,901.9 
    Costs and expenses:              
    Salaries and wages           77.6              66.1              309.2              280.2 
    General and administrative           22.0              27.4              97.9              87.2 
    Sales and marketing           22.0              20.8              94.4              91.7 
    Total operating expenses           121.6              114.3              501.5              459.1 
                   
    Provision for credit losses on forecast changes           62.9              94.3              493.8              413.7 
    Provision for credit losses on new Consumer Loan assignments           60.5              69.4              320.9              322.5 
    Total provision for credit losses           123.4              163.7              814.7              736.2 
                   
    Interest           111.3              78.8              419.5              266.5 
    Provision for claims           17.7              16.6              73.5              70.7 
    Loss on sale of building           —              —              23.7              — 
    Loss on extinguishment of debt           —              1.8              —              1.8 
    Total costs and expenses           374.0              375.2              1,832.9              1,534.3 
    Income before provision for income taxes           191.9              116.4              329.5              367.6 
    Provision for income taxes           40.0              22.8              81.6              81.5 
    Net income $         151.9    $         93.6    $         247.9    $         286.1 
                   
    Net income per share:              
    Basic $         12.39    $         7.33    $         20.12    $         22.09 
    Diluted $         12.26    $         7.29    $         19.88    $         21.99 
                   
    Weighted average shares outstanding:              
    Basic           12,256,198              12,775,616              12,323,261              12,953,424 
    Diluted           12,388,072              12,837,181              12,469,283              13,010,735 

    CREDIT ACCEPTANCE CORPORATION
    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)

    (Dollars in millions, except per share data) As of
      December 31, 2024   December 31, 2023
    ASSETS:      
    Cash and cash equivalents $         343.7      $         13.2   
    Restricted cash and cash equivalents           501.3                457.7   
    Restricted securities available for sale           106.4                93.2   
           
    Loans receivable           11,289.1                10,020.1   
    Allowance for credit losses           (3,438.8)               (3,064.8)  
    Loans receivable, net           7,850.3                6,955.3   
           
    Property and equipment, net           14.7                46.5   
    Income taxes receivable           4.2                4.3   
    Other assets           34.0                40.0   
    Total assets $         8,854.6      $         7,610.2   
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY:      
    Liabilities:      
    Accounts payable and accrued liabilities $         315.8      $         318.8   
    Revolving secured lines of credit           0.1                79.2   
    Secured financing           5,361.5                3,990.9   
    Senior notes           991.3                989.0   
    Mortgage note           —                8.4   
    Deferred income taxes, net           319.1                389.2   
    Income taxes payable           117.2                81.0   
    Total liabilities           7,105.0                5,856.5   
           
    Shareholders’ Equity:      
    Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued           —                —   
    Common stock, $.01 par value, 80,000,000 shares authorized, 12,048,151 and 12,522,397 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively           0.1                0.1   
    Paid-in capital           335.1                279.0   
    Retained earnings           1,414.7                1,475.6   
    Accumulated other comprehensive loss           (0.3)               (1.0)  
    Total shareholders’ equity           1,749.6                1,753.7   
    Total liabilities and shareholders’ equity $         8,854.6      $         7,610.2   

    The MIL Network –

  • MIL-OSI: Medallion Bank Reports 2024 Fourth Quarter and Full-Year Results and Declares Series F Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, Jan. 30, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced its results for the quarter and year ended December 31, 2024. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    2024 Fourth Quarter Highlights

    • Net income of $15.6 million, compared to $21.9 million in the prior year quarter.
    • Net interest income of $53.1 million, compared to $48.9 million in the prior year quarter.
    • Net interest margin of 8.28%, compared to 8.62% in the prior year quarter.
    • Total provision for credit losses was $20.5 million, compared to $9.7 million in the prior year quarter. Total provision for credit losses included $0.9 million of net taxi medallion recoveries, compared to $12.0 million of net taxi medallion recoveries in the prior year quarter.
    • Annualized net charge-offs were 3.28% of average loans outstanding, compared to 1.04% in the prior year quarter.
    • In December 2024, the Bank signed a letter of intent to sell up to $121 million of recreation loans at a premium to par value.

    2024 Full-Year Highlights

    • Net income of $60.6 million, compared to net income of $79.9 million in 2023.
    • Net interest income of $204.7 million, compared to $188.9 million in 2023.
    • Net interest margin of 8.48%, compared to 8.84% in 2023.
    • Total provision for credit losses was $75.8 million, compared to $36.5 million in 2023. Total provision for credit losses included $4.9 million of net taxi medallion recoveries, compared to $18.1 million of net taxi medallion recoveries in 2023.
    • Total net charge-offs were 2.82% of average loans outstanding, compared to 1.52% in 2023.
    • Return on assets and return on equity were 2.52% and 16.62%, respectively, compared to 3.74% and 24.57% in 2023.
    • Total loan portfolio grew 13% to $2.4 billion.
    • Total assets were $2.5 billion, total capital was $382.4 million, and the Tier 1 leverage ratio was 15.68% as of December 31, 2024.

    Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We finished 2024 on a solid note, with quarterly earnings of $15.6 million and net interest income above $53 million. Volumes in our strategic partnership business tripled to $124 million from $40 million in the third quarter. As anticipated, recreation and home improvement loan volumes slowed with the winter season, and loan delinquency and net charge-offs rose in the quarter as is expected. With record recreation loan originations of more than $526 million in 2024, we initiated another loan sale — our fifth since 2016 — in preparation for the projected demand from our customers in 2025. We view loan sales as an efficient method to recycle capital that can also generate earnings when demand exceeds our capacity. Reclassifying these recreation loans as held for sale resulted in a release of $3.9 million in related allowance for credit losses. As we look ahead, our priorities remain constant: loan originations of predictable credit quality and managed growth that continues to deliver increasing net interest income while maintaining or growing our market position.”

    Recreation Lending Segment

    • The Bank’s recreation loan portfolio grew 15% to $1.543 billion as of December 31, 2024, compared to $1.336 billion at December 31, 2023. Loan originations were $72.2 million in the fourth quarter 2024, compared to $62.7 million in the prior year quarter. For the year, loan originations were $526.6 million, compared to $447.0 million in 2023.
    • Net interest income was $39.4 million for the fourth quarter 2024, compared to $36.2 million in the prior year quarter. For the year, net interest income was $153.1 million, compared to $140.3 million in 2023.
    • Recreation loans were 65% of loans receivable as of December 31, 2024, compared to 64% at December 31, 2023.
    • Annualized net charge-offs were 4.35% of average recreation loans outstanding in the fourth quarter 2024, compared to 4.23% in the prior year quarter. For the year, total net charge-offs were 3.72% of average recreation loans outstanding, compared to 3.04% in 2023.
    • The provision for recreation credit losses was $17.7 million in the fourth quarter 2024, compared to $14.8 million in the prior year quarter. For the year, the provision for recreation credit losses was $68.0 million, compared to $44.6 million in 2023. The provisions for the three and twelve months ended December 31, 2024 included $3.9 million of allowance for credit losses released as $121 million of recreation loans were reclassified as held for sale.
    • The recreation allowance for credit losses was 5.00% of the outstanding balance as of December 31, 2024, compared to 4.31% of the outstanding balance as of December 31, 2023. The Bank does not record an allowance for loans held for sale, so the allowance as of December 31, 2024 relates only to the remaining recreation loans held for investment.

    Home Improvement Lending Segment

    • The Bank’s home improvement loan portfolio grew 9% to $827.2 million as of December 31, 2024, compared to $760.6 million at December 31, 2023. Loan originations were $82.5 million in the fourth quarter 2024, compared to $66.0 million in the prior year quarter. For the year, loan originations were $298.7 million, compared to $357.4 million in 2023.
    • Net interest income was $13.1 million for the fourth quarter 2024, compared to $12.2 million in the prior year quarter. For the year, net interest income was $50.2 million, compared to $46.6 million in 2023.
    • Home improvement loans were 35% of loans receivable as of December 31, 2024, compared to 36% at December 31, 2023.
    • Annualized net charge-offs were 1.75% of average home improvement loans outstanding in the fourth quarter 2024, compared to 1.67% in the prior year quarter. For the year, total net charge-offs were 1.78% of average home improvement loans outstanding, compared to 1.33% in 2023.
    • The provision for home improvement credit losses was $4.4 million in the fourth quarter 2024, compared to $6.9 million in the prior year quarter. For the year, the provision for home improvement credit losses was $13.5 million, compared to $17.6 million in 2023.
    • The home improvement allowance for credit losses was 2.48% of the outstanding balance at December 31, 2024, compared to 2.76% of the outstanding balance at December 31, 2023.

    Series F Preferred Stock Dividend

    On January 23, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is payable on April 1, 2025, to holders of record at the close of business on March 17, 2025.

    About Medallion Bank

    Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    For more information, visit www.medallionbank.com

    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales (including loan sales), net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “continue,” “may,” “maintain” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2023, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.  

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    MEDALLION BANK
    STATEMENTS OF OPERATIONS
    (UNAUDITED)
     
      Three Months Ended December 31,   For the Years Ended December 31,
    (In thousands) 2024   2023   2024   2023
    Interest income              
    Loan interest including fees $ 71,577   $ 61,668   $ 268,914   $ 231,496
    Investments   1,564     1,585     6,306     5,171
    Total interest income   73,141     63,253     275,220     236,667
    Interest expense   20,039     14,401     70,509     47,785
    Net interest income   53,102     48,852     204,711     188,882
    Provision for credit losses   20,500     9,717     75,845     36,457
    Net interest income after provision for credit losses   32,602     39,135     128,866     152,425
    Other non-interest income   16     839     2,134     2,102
    Non-interest expense              
    Salaries and benefits   5,014     4,997     19,985     19,001
    Loan servicing   3,173     2,903     12,248     11,626
    Collection costs   1,517     1,492     6,095     5,965
    Regulatory fees   969     692     3,795     3,176
    Professional fees   508     631     1,694     2,243
    Information technology   329     281     1,186     1,031
    Occupancy and equipment   541     206     1,167     830
    Other   938     818     3,624     3,524
    Total non-interest expense   12,989     12,020     49,794     47,396
    Income before income taxes   19,629     27,954     81,206     107,131
    Provision for income taxes   4,040     6,011     20,624     27,279
    Net income $ 15,589   $ 21,943   $ 60,582   $ 79,852
    Less: Preferred stock dividends   1,512     1,512     6,047     6,047
    Net income attributable to common shareholder $ 14,077   $ 20,431   $ 54,535   $ 73,805
                           
    MEDALLION BANK
    BALANCE SHEETS
    (UNAUDITED)
     
    (In thousands) December 31, 2024   December 31, 2023
    Assets      
    Cash and federal funds sold $ 126,196     $ 110,043  
    Investment securities, available-for-sale   54,805       54,282  
    Loans held for sale, at the lower of amortized cost or fair value   128,226       —  
           
    Loan receivables, inclusive of net deferred loan acquisition cost and fees   2,249,613       2,100,338  
    Allowance for credit losses   (91,638 )     (79,283 )
    Loans, net   2,157,975       2,021,055  
    Loan collateral in process of foreclosure   3,326       4,165  
    Fixed assets and right-of-use lease assets, net   9,126       8,140  
    Deferred tax assets   14,036       12,761  
    Accrued interest receivable   15,083       13,439  
    Other assets   40,326       38,171  
    Total assets $ 2,549,099     $ 2,262,056  
    Liabilities and Shareholders’ Equity      
    Liabilities      
    Deposits and other funds borrowed $ 2,125,071     $ 1,866,657  
    Accrued interest payable   5,586       4,029  
    Income tax payable   17,951       21,219  
    Other liabilities   17,204       17,509  
    Due to affiliates   910       849  
    Total liabilities   2,166,722       1,910,263  
    Shareholder’s Equity      
    Series E Preferred stock   26,303       26,303  
    Series F Preferred stock   42,485       42,485  
    Common stock   1,000       1,000  
    Additional paid in capital   77,500       77,500  
    Accumulated other comprehensive loss, net of tax   (4,480 )     (4,529 )
    Retained earnings   239,569       209,034  
    Total shareholders’ equity   382,377       351,793  
    Total liabilities and shareholders’ equity $ 2,549,099     $ 2,262,056  

    The MIL Network –

  • MIL-OSI USA: Tillis Introduces Kash Patel at Nomination Hearing to be Director of the FBI

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis

    WASHINGTON, D.C. – Today, Senator Thom Tillis, a member of the Senate Judiciary Committee, introduced Kash Patel at his nomination hearing before the Senate Judiciary Committee to be the Director of the Federal Bureau of Investigation (FBI).

    Watch the introduction here.

    Read Senator Tillis’ statement below:

    Chairman Grassley, Ranking Member Durbin and my colleagues on the Senate Judiciary Committee, it’s my honor to introduce Kash Patel, President Trump’s nominee to be FBI Director. I’ve completed due diligence on his life and career, and I’m convinced Kash possesses significant expertise and an ironclad commitment to justice. I have concluded he’s an outstanding choice to lead the FBI. 

    Kash’s parents are Indian immigrants of Gujarati ancestry. The Gujarat state is a melting pot of religions, including Hinduism, Islam, and Jainism, with temples, mosques, and other religious sites scattered across the state.  His father was raised in Uganda, but his family fled the country to escape repression under Idi Amin. His mother was born and raised in Tanzania. They met and married in India and ultimately made their way to New York City by way of Canada, where his parents along with 7 brothers and sisters, their spouses, and at least a half dozen kids lived under the same roof. His parents raised Kash in the Hindu faith, and they instilled in him the values of hard work and education.  Kash is a devout Hindu, and consistent with his faith, he has shown respect to people of all faiths.

    Kash attended the University of Richmond, where he earned his bachelor’s degree in criminal justice and history. He went to Pace University School of Law, where he earned his JD and an International Law Certificate from the University College of London, Faculty of Laws.

    Kash began his career as a public defender in Florida where he led or co-led more than 60 jury trials to verdict in state and federal courts. Kash has clearly demonstrated devotion to upholding the rule of law and defending the rights of individuals.

    Kash led the defense of Jose Buitrago in United States v. Buitrago, a high-profile drug case in Florida in 2015.  Buitrago was one of the Colombian nationals arrested in a major drug bust involving Operation BACRIM. Kash and his co-counsel successfully argued that key evidence was withheld by the prosecution, leading to Buitrago’s release. I suspect some of Kash’s disdain for prosecutorial misconduct stems from this firsthand experience. 

    Kash was hired as senior counsel on the House Permanent Select Committee on Intelligence in 2017. He told me he distinctly remembers my friend Trey Gowdy’s comment shortly after they were introduced. He said, “Kash, Congress is where righteous investigations go to die, I hope you’re ready.” Kash wasready and he went on to establish a solid reputation for pursuing the facts. From there, he held senior posts at the NSC, DoD, and DNI.

    Since leaving the administration after 2020, Kash has written articles and books on national security, law, and governance. Through his work as an author, Kash continues to advocate for justice and transparency and to be ever vigilant in defending our great democracy and the rule of law.

    Colleagues, I’ve created a Kash BINGO that is available to any of my colleagues who would like on the other side of the aisle. Some may view this as an unserious caricature and not appropriate for this committee, but sadly I consider it a serious caricature of what I expect to be witnessed today. I think we will have words like “enemies list” and “deep state”, but the fact of the matter is some people will be here to substantiate a false narrative. At worst, they may just be going through an unfounded litany of quote and half quote and half-truths, some that have already been dispelled in the Chairman’s opening statement. 

    In my 10 years in the Senate, I hope I have established a reputation for being fair, doing my homework, and taking tough positions that have been met with harsh criticism. Heck, I’ve been censured by my party for taking tough positions, and I stand by those positions today and my position to support Kash Patel. 

    When President Trump announced his intent to nominate Kash, I contacted Trey Gowdy and others who’ve worked with Kash, and they gave glowing recommendations. So, I called Kash on December 2nd and offered to help with his nomination. Since then, we’ve spent hours together in person and on the phone.

    I’ve asked him difficult questions and I’ve urged him to reach out to members across the aisle. He’s met with 60 members of the U.S. Senate, including several members of this committee.

    Chair Grassley, Ranking Member Durbin, friends, and colleagues on the committee. I’ve completed my due diligence on Kash Patel, and I am honored to provide my strongest recommendation for his confirmation.  

    MIL OSI USA News –

  • MIL-OSI USA: Senators Coons, Lankford introduce bill to incentivize charitable giving through tax code

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and James Lankford (R-Okla.) reintroduced the Charitable Act to reward Americans who give to charity and incentivize more people to donate to worthy causes. Under this new bill, Americans who donate to charities, houses of worship, religious organizations, and other nonprofits of their choice would be able to deduct that donation from their federal taxes, even if they take the standard, non-itemized deduction.

    A similar provision was first enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which passed in 2020. As a result of that legislation, 90 million taxpayers benefitted from the deduction, and households making between $30,000 and $100,000 increased their charitable giving the most. Charitable organizations received $30 billion in increased donations. 

    “Delawareans have always risen to the occasion in support of our communities,” said Senator Coons. “Last year, Americans demonstrated our generosity by donating a collective $557 billion to charities, houses of worship, and nonprofits. I am proud to reintroduce the Charitable Act with Senator Lankford to help the federal government encourage even more Americans to embrace the civic virtue of giving to those in need.”

    “America’s first safety net should never be the government—government is the least efficient caregiver by far. Our families, churches, and other nonprofits do incredible work to lift up those who need it most. Updating the tax law to incentivize giving empowers Americans to make an even bigger impact for the homeless, hurting, and hungry,” said Senator Lankford. 

    This bill is supported by numerous organizations, including The National Council of Nonprofits (25,000 member organizations), Charitable Giving Coalition (175 member organizations), the Nonprofit Alliance, Faith & Giving Coalition, Leadership 18, Independent Sector, YMCA, Council on Foundations, American Endowment Foundation, Philanthropy Southwest, Christian Alliance for Orphans, Ethics & Religious Liberty Commission, United Philanthropy Forum, National Association of Charitable Gift Planners, Association of Art Museum Directors, the Evangelical Council for Financial Accountability, Association of Fundraising Professionals, Council for Advancement and Support of Education, Americans for the Arts, American Heart Association, Oklahoma Center for Nonprofits, Delaware Alliance for Nonprofit Advancement, Maryland Nonprofits, Boys and Girls Club of America, March of Dimes, and Habitat for Humanity.

    In addition to Senators Coons and Lankford, the Charitable Act is supported by Senators Catherine Cortez Masto (D-Nev.), John Hickenlooper (D-Colo.), Pete Ricketts (R-Neb.), Amy Klobuchar (D-Minn.), Raphael Warnock (D-Ga.), Jeanne Shaheen (D-N.H.), John Curtis (R-Utah), Marsha Blackburn (R-Tenn.), Jerry Moran (R-Kan.), Katie Britt (R-Ala.), and Tim Scott (R-S.C.).

    “Nonprofits are the backbone of our communities, addressing critical needs and enhancing the quality of life for all. The Charitable Act is a vital step in restoring a proven incentive that encourages generosity and empowers nonprofits to meet growing demands, even in challenging times. We applaud Senators Lankford and Coons for their leadership and steadfast commitment to strengthening the nonprofit sector, ensuring we can continue to deliver essential services and drive positive change,” said Sheila Bravo, President and CEO, Delaware Alliance for Nonprofit Advancement.

    “Bravo to Senators Lankford and Coons on this much-needed support for America’s nonprofits. They both understand from personal experience the key role the nonprofit sector plays both as a provider of critical services to millions of Americans and as a major employer in Oklahoma and nationwide. In this era of historic inflation and ever-rising costs, the need for nonprofit services has not declined—in fact, we are needed more than ever. The Charitable Act will help recreate an environment of years past where charitable givers at every level can feel incentivized and appreciated—after all, we are all in this together,” said Marnie Taylor, President & CEO, Oklahoma Center for Nonprofits. 

    “Faith & Giving heartily thanks and commends Senators James Lankford and Chris Coons for reintroducing the Charitable Act to restore a charitable deduction for taxpayers who do not itemize. Giving by individuals is the financial lifeblood of many thousands of American faith communities and faith-based organizations. Yet since 2017 individual giving to religion has fallen billions of dollars short of keeping pace with inflation. No single policy is more important for restoring the health of individual giving and faith-based charities than a non-itemizer charitable deduction like the one Congress created to stimulate giving in 2020 and 2021,” Brian Walsh, Executive Director, Faith & Giving. 

    “Nonprofits need tools like the nonitemizer deduction proposed by the Charitable Act to meet growing and changing community needs,” said YMCA of the USA President and CEO Suzanne McCormick. “We saw this policy unlock more giving when it was enacted temporarily during the pandemic, and we know that making it permanent will help YMCAs serve and support more neighbors every day. Senators Lankford and Coons recognize the important role nonprofits play in communities and understand that the universal charitable deduction helps nonprofits like the Y make their communities stronger. I’m grateful for their leadership.”

    “The temporary non-itemizer charitable deduction implemented in 2020 and 2021 led to an additional $18 billion in donations to nonprofits. As nonprofits are faced with higher demand for services, increased costs, workforce challenges, and declining donations, the Charitable Act presents an opportunity to reinstate that incentive and provide nonprofits with more resources to carry out their mission. The networks of the National Council of Nonprofits enthusiastically endorse this vital legislation and appreciate leaders like Senator Lankford and Senator Coons who continue to be stalwart champions for these efforts and the nonprofit sector,” said Diane Yentel, President & CEO, National Council of Nonprofits.

    “Generosity is a core American value that should be incentivized to help meet the evolving needs of communities,” said Kathleen Enright, Council on Foundations President and CEO. “The temporary non-itemizer deduction in the CARES Act successfully sparked more people to give. We hope Congress will cement this effective policy into law and inspire many more generous Americans to give charitably to support one another and the causes they value. We thank the House and Senate sponsors of the Charitable Act for their leadership on this issue.”

    For quotes from other organizations and non-profit leaders, please click here.

    MIL OSI USA News –

  • MIL-OSI USA: Teamwork is also Behind the Scenes at UConn Health

    Source: US State of Connecticut

    When you are expecting to have a surgery, the Central Sterile Processing Department and its dozens of staffers are preparing behind the scenes all the tools that are needed by your surgeons and for you too! Preparations even start the night before at the UConn Health Surgery Center as well as the UConn John Dempsey Hospital’s OR.

    In fact, Central Sterile is “central” to the operating room and a procedure’s safety and success. All medical and surgical supplies, both sterile and nonsterile, are cleaned, prepared, processed, stored, and issued for patient care by this Department.

    Volodymyr Levytskyy, assistant supervisor of Central Sterile, sterilizing the prepared instrument cases for use in surgery and procedures at UConn Health (January 9. 2025. Tina Encarnacion/UConn Health Photo).

    The Department is home to three huge washers, four sterilizers, and hundreds of instruments that need to be processed daily for approximately twenty-five operations occurring each day.

    All surgical instruments and tools are washed after each surgery to be decontaminated by hand, washed in the washer disinfectors, hand assembled, wrapped, and labeled by staffers before finally being placed in the sterilizers.

    The Department services not only the operating rooms needs, but also urgent care centers around the State of Connecticut, UConn Health’s vast outpatient care facilities, and even the UConn dental school’s clinics.

    A new digital system called T Doc has recently launched to replace the long standing, traditional paper tracking process for surgical instruments. It is further enhancing UConn Health’s regulatory compliance and tracking of instruments. Instruments can now be scanned to identify when they have been sterilized, what sterilization parameters were used and where the item should be stored after sterilization.

    “Central Sterile is one of the most highly regulated areas of a health system,” stresses Ellen Benson, RN associate director of Procedural Services and manager of the Sterile Processing Department at UConn Health. All instruments are tracked to ensure sterility, the rooms are monitored to ensure that they maintain the correct temperature and humidity for storing instruments and even the water supply is closely monitored.

    Ryley Finn, with fellow instrument tech Elzbieta Brzostek-Parciak, and supervisor Minnie Torres (January 9, 2025. (Tina Encarnacion/UConn Health Photo).

    “It’s all about patient safety,” says Benson. “Patient safety all starts with Central Sterile ensuring that instruments are cleaned and sterilized properly; the first step in helping to prevent surgical site infections. It takes a village. No surgery can be performed without the instruments.  Without the Central Sterile team, we just can’t do surgery.”

    The instrument techs know the ins and outs about all the instruments used across the surgical specialties, and are constantly learning about new tools and their individual required cleaning and sterilization processes.

    “I always see the instrument techs reaching out to each other for advice, sharing knowledge, and helping each other. It’s true teamwork!” says Benson. “They work so hard!”

    Benson has been in health care for 42 years and has spent the last 35 years at UConn Health inside the operating rooms.

    “It’s a huge team effort across the board in the OR. There are a lot of people supporting our patients behind the scenes for their journey in the operating room.  Our volume has increased significantly over the years. We have never been busier than we are today.”

    She adds, “It takes many people to get a patient through surgery. We have doctors, nurses, surgical techs and other support staff all working together for the patients.”

    From X-ray, the blood bank, to the labs – the team is very tightly woven with everyone across the hospital.

    T Doc, a new digital system for tracking surgical instruments, has successfully launched (January 9. 2025. Tina Encarnacion/UConn Health Photo).

    Additionally, there is always the unexpected for the Central Sterile team to handle.

    “We get a lot of patients from the ED who may need surgery urgently, patients experiencing a stroke, appendicitis, or a herniated disc. They come straight to us, we get ready quickly and we take good care of them!” says Benson.

    Benson and her team know that when patients come to the hospital for care, it can be one of the most vulnerable times in their life. Some surgeries are elective, and they are able to “cure” their problem and send them home, others are diagnosed with illness that require additional care.

    “We are here to support our patients and their families, who are waiting, hoping, and worrying. Spending a few minutes with family members goes a long way to make them feel more at ease. It’s amazing what 5 minutes of your time, and offering a piece of candy or a drink of water can do for a family member to make them feel comforted,” says Benson.

    Minnie Torres of Harwinton has worked for UConn Health for 16 years. She worked her way up from an instrument tech in the Department to now supervisor of Central Sterile the last four years.

    “It’s very rewarding to work in Central Sterile. I’m very proud of the work we do. Also, the people I work with at UConn Health make it worth while too. We cheer each other on,” says Torres.

    “Everyone in Central Sterile comes together as a fast-paced team each day and jumps in to help and get everything washed, sterilized, and processed. Our work is tedious but exciting. At the end of the day our jobs are very fulfilling as we are making a true difference in the lives of others.”

    Torres adds, “When people hear you work at UConn, they are wowed. They know we work hard, and we hit the ground running every day.”

    Central Sterile has a family-like atmosphere. Ryley Finn, Elzbieta Brzostek-Parciak, and Minnie Torres (January 9, 2025. Tina Encarnacion/UConn Health Photo).

    Ryley Finn of Farmington has served as an instrument tech in the Department for the last two years.

    “I wanted to learn, so I came to work here at UConn Health,” says Finn. “I really like it here and I like my colleagues. I am always learning new things.”

    Finn loves the opportunity she and her colleagues at UConn Health have to watch surgeries and the instruments used in action to get a full picture of the OR process and to better understand how each instrument they prepare for use works.

    “To see how the tools work in action is really cool and how we play a critical role to help patients during surgery,” says Finn.

    To keep up with the growing patient volumes and demands for UConn Health clinical and surgical services soon Central Sterile will be moving toward a 24/7 operation. UConn Health is renovating the older Connecticut Tower space of the department and the team is looking forward into moving back into that space.

    “I am so proud of the Central Sterile team,” says Benson. “We have the best team.”

    “That’s Mom,” Torres and Finn heartwarmingly refer to Benson as.

    “My colleagues are my family too. We will always be there to support each other,” says Benson.

    Thank you Central Sterile for all you do!

    This content is part of a collaborative initiative of the Office of Diversity and Inclusion, with UConn Health’s Chief Diversity Officer Dr. Jeffrey Hines, to celebrate the institution’s shared values and its workforce. Send your word-of-the-month nominations to thehub@uchc.edu

    MIL OSI USA News –

  • MIL-OSI: Federal Home Loan Bank of Atlanta Declares a 7.10% Dividend for Fourth Quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Jan. 30, 2025 (GLOBE NEWSWIRE) — The board of directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a cash dividend for the fourth quarter 2024 at an annualized rate of 7.10 percent.

    “Throughout the fourth quarter of 2024, our commitment to helping members through economic uncertainty and advancing our mission remained steadfast,” said FHLBank Atlanta Chair of the Board, Thornwell Dunlap. “Our strong financial performance reflects this dedication, allowing us to return a competitive dividend to our members.”

    The dividend payout will be calculated based on members’ capital stock held during the fourth quarter of 2024 and will be credited to members’ daily investment accounts at the close of business on February 5, 2025.

    If you have questions, please contact FHLBank Atlanta’s Funding Desk at 1.800.536.9650, ext. 8011.

    About FHLBank Atlanta
    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

    For more information, visit our website at www.fhlbatl.com.

    To the extent that the statements made in this announcement may be deemed as “forward-looking statements”, they are made within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by the forward-looking statements, the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory changes; future economic and market conditions (including the housing market); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, and world events; disruptions in information systems; membership changes; and adverse developments or events affecting or involving other Federal Home Loan Banks or the FHLBank System in general. Additional risk factors that might cause the Bank’s results to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.

    These statements speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of the forward-looking statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law. New risk factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com

    The MIL Network –

  • MIL-OSI Economics: Mission 300: African leaders pledge to advance clean cooking solutions for Africa at milestone Energy Summit

    Source: African Development Bank Group

    African countries have taken bold commitments to implement clean cooking energy solutions to offset the devastating effects of open fire cooking which kills roughly 600,000  women and children annually across the continent.

    In energy compacts signed during the Mission 300 Africa Energy Summit, held in Tanzania 27-28 January, 12 African countries signalled their intent to  accelerate the pace of access to electricity and clean cooking solutions on the world’s fastest-growing continent, in line with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063.

    Commending these countries, Tanzanian President Suluhu Hassan stated in closing remarks: “I understand that the 12 governments have only pioneered, and many others will join us in the future.” Earlier, at the opening speaking about the purpose of the summit she said, “This gathering is a platform to consolidate commitments, announce new partnerships and drive momentum towards the 2030 goal.”

    President Suluhu Hassan of Tanzania, global Clean Cooking ambassador at the Africa Energy Summit. January 2025

    The two-day meeting was organized by the Government of Tanzania and Mission 300, an unprecedented collaboration between the African Development Bank Group, the World Bank Group and global partners, to address Africa’s electricity access gap through the use of new technology and innovative financing.

    Moderating a special panel on clean cooking on Monday, Rashid Abdallah, Executive Director of the African Energy Commission (AFREC), noted that whilst 600 million Africans live without access to electricity, one billion -nearly double the number – were without access to clean cooking, relying on biomass fuels such as wood and charcoal, with severe economic, social and environmental impact. Conservative estimates put the cost of this across the continent to $790 billion a year, he noted.

    Abdallah was joined by Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Peter Scott, CEO of Burn Manufacturing, and Martin Kimani, CEO of M-Gas, who each highlighted the significant health, environmental, and economic impacts of relying on polluting fuels for cooking, as well as the innovative approaches being developed to address this crisis.

    Muyungi shared Tanzania’s experience in launching a comprehensive National Clean Cooking Strategy, emphasizing the importance of high-level political commitment, coordinated stakeholder engagement, and the integration of private sector participation. 

    He praised President Hassan’s role as a global champion bringing the issue to the highest level of African governments.

    “It is important to elevate it to the highest level… She is the champion of clean cooking,” he said.  He stressed: “It’s important that there is a champion who can elevate clean cooking in terms of partnerships and partner with others to address this issue. He added that Tanzania is on track to transition 80 percent of its population to clean cooking technologies by 2034, thanks to the efforts of President Hassan.

    Scott, whose company Burn Manufacturing is the largest clean cooking manufacturer in Africa, discussed the diverse range of solutions being deployed across the continent, from fuel-efficient biomass stoves to cutting-edge electric cooking appliances with pay-as-you-go financing models. He stressed the availability of funding for clean cooking projects, pending the approval of carbon credit regulations by governments.

    Panel session on clean cooking at Mission 300 Africa Energy Summit. Tanzania, January 2025. (L-R ) Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Martin Kimani, CEO,M-Gas,   Peter Scott, CEO of Burn Manufacturing, Rashid Abdallah ED, African Energy Commission (AFREC)

    “This is the most exciting time in the history of clean cooking,” Scott declared. “Now, there’s a lot of money standing by to approve carbon credit regulations to allow carbon trading, carbon finance, to grow. “

    Kimani’s pioneering pay-as-you-cook LPG model has provided an innovative and affordable solution to enable households to transition to clean cooking. He shared the success of M-Gas in onboarding half a million households in Kenya and Tanzania within just three years, demonstrating the scalability of this approach. “One of the most important considerations is affordability, how do we close that gap?” he asked.

    M-Gas has found an answer by installing IOT enabled smart meters which are fixed into gas cylinders without upfront payment.

    “We mirror the (pay as you go) environment they can now cook using LPG. With 35 cents they can cook three meals in a day,” he added.

    Tanzania pioneers clean cooking and global awareness

    Tanzania published its clean cooking strategy in 2024-2034 last year in response to its own challenges – 3,000 people dying annually and the effects of a devastating 400 hectares of deforestation annually from the use of charcoal and firewood.

    Championed by President Hassan, the Clean Cooking agenda has embraced everyone and is part of the national agenda, Muyungi said. “This discussion has highlighted the innovative approaches and the political will required to transform the lives of millions of Africans and secure a sustainable future for the continent.”

    In a recognition of national efforts, awards were handed out to winners of a national clean cooking innovation challenge on the first day of the summit. The winners included creators of a biogas production plant and a click gas LPG delivery system.

    Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025. 

    The African Development Bank Group has pledged $2 billion over 10 years towards clean cooking solutions in Africa. The pledge represents an important contribution to the $4 billion per year needed to allow African families to have access to clean cooking by 2030.

    “Why should anybody have to die just for trying to cook a decent meal that is taken for granted in other parts of the world,” African Development Bank President Akinwumi Adesina asked during a discussion as part of the summit. “Africa must develop with dignity, with pride. Its women, its population must have access to clean energy solutions.”

    Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025. 

    MIL OSI Economics –

  • MIL-OSI USA: Wyden, Bonamici Reintroduce Bill to Connect Child Care with Affordable Housing

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    January 30, 2025
    Washington, D.C. — Today, U.S. Senator Ron Wyden, D-Ore., with five colleagues in the Senate, reintroduced legislation to help working families access affordable housing and child care. U.S. Representative Suzanne Bonamici, D-Ore., introduced companion legislation in the House.
    The Build Housing with Care Act would invest $500 million to construct child care centers co-located in affordable housing developments and cover the costs of retrofitting to help family child care providers operate in housing developments. The bill prioritizes projects that are located in child care deserts or rural communities, as well as projects that include qualified Head Start providers and providers primarily serving low-income children.
    “Working families across Oregon are struggling to put food on the table and pay their rent on time. When you add the cost of child care to the equation, families are forced to shoulder an impossible choice,” Wyden said. “Increasing supply of both housing and child care will help lower costs so that caregivers and parents can more easily afford basic necessities and keep their families healthy and safe.”
    “Too many families in Oregon and across the country struggle to find affordable housing and affordable child care,” Bonamici said. “Co-locating child care centers with affordable housing is a proven strategy that increases benefits for children, families, and the economy. I’m pleased to partner with Senator Wyden on this common sense effort that will create more opportunities and a better future for American families.”
    It is estimated that funding from the Build Housing with Care Act could build more than 120 new co-located child care centers, supporting the development of critical care supply in connection with affordable housing. A report from the Low Income Investment Fund, Including Family Child Care in Affordable Housing, highlights the many policy opportunities and benefits of co-location as “an opportunity to respond to severe housing and child care shortages simultaneously.”
    The Senate legislation is cosponsored by Senators Jeff Merkley, D-Ore., Amy Klobuchar, D-Minn., Alex Padilla, D-Calif., Jacky Rosen, D-Nev., and Cory Booker, D-N.J.  
    The Building Housing with Care Act is endorsed by the Low Income Investment Fund; Local Initiatives Support Corporation; Oregon Housing and Community Services; Family Forward Oregon; First Five Years Fund; National Housing Law Project; National Association of Counties; National Partnership for Women & Families; UnidosUS; National Association for Latino Community Asset Builders; Purpose Built Communities Foundation, Inc; National Women’s Law Center; Early Care & Education Consortium; ZERO TO THREE; National Association for County Community and Economic Development; National Children’s Facilities Network; Family Values @ Work; Center for Law and Social Policy; National Association for the Education of Young Children; and the First Focus Campaign on Children.  
    “We all deserve the opportunity to provide for our families,” said Candice Vickers, Executive Director of Family Forward Oregon. “When child care is an afterthought in economic developments and investments, parents and caregivers — and those they care for — suffer. Our future suffers. Child care must be at the forefront of planning, and the Build Housing with Care Act does just that. Ensuring parents and caregivers have access to affordable child care in their neighborhoods allows families to not only survive but thrive.”
    Wyden has been a longtime advocate for increasing affordable housing in Oregon and across the nation. In May 2023, Senator Wyden and his colleagues reintroduced a bipartisan bill to address the housing crisis by building two million affordable homes over the next decade. In July 2024, Wyden and Bonamici wrote a letter to the Biden administration to invest in affordable housing following the criminalization of homelessness in Grants Pass v. Johnson. In March 2023, Wyden reintroduced legislation to solve the housing crisis by increasing supply, and expanding homeownership opportunities, especially for young people, by creating a new down payment tax credit for first-time homebuyers. 
    The Building Housing with Care Act bill text is here.

    MIL OSI USA News –

  • MIL-OSI Canada: Refocusing continuing care for the future

    [. As their needs evolve, it is important that older adults and vulnerable populations have access to the support they need to maintain their quality of life and independence so they can age with dignity. Over the next 10 years, the demand for continuing care in Alberta is projected to grow by 80 per cent, increasing even faster as people live longer and with more complex needs.

    Alberta’s government is establishing Assisted Living Alberta – the new provincial continuing care agency – as part of the province’s health refocusing. This will ensure the province is well-positioned to meet the future needs that are anticipated with Alberta’s both growing and aging population. Assisted Living Alberta will provide Albertans access to a comprehensive system of continuing care with a full range of wraparound services, including medical and non-medical supports, home care, community care and social services. This transition will allow the province to place a holistic social service lens on assisted living services to deliver care more effectively and consistently throughout the province. By taking this approach, individuals and families will have more options when they need care and as their needs evolve, helping older adults and vulnerable populations maintain their quality of life and independence.

    “As the need for continuing care services in Alberta grows, I am committed to working with health, social services and continuing care professionals to transform the system and ensure the new provincial agency, Assisted Living Alberta, meets all Albertans’ needs. This change ensures Albertans have access to a full range of wraparound supports to meet their evolving needs and maintain their independence and quality of life as they age or require more support.”

    Jason Nixon, Minister of Seniors, Community and Social Services

    Assisted Living Alberta is on track to be established and become an entity by April 1, and will be fully operational by fall 2025. The new agency will align medical and non-medical supports and services, increase continuing care spaces, reduce wait times, and provide comprehensive wraparound supports for Albertans who require different levels and types of care. This includes both seniors in long-term care and those who want to continue aging at home but need supports to do so, as well as people with disabilities, individuals experiencing homelessness and other vulnerable Albertans who require temporary or long-term care. Refocusing Alberta’s health care system ensures all Albertans have access to the services and support they need, when and where they need it.

    “Improving health care services is a top priority for our government. We are committed to addressing the urgent need for enhanced assisted living services across our growing province. I look forward to working alongside the Ministry of Seniors, Community and Social Services to bring Albertans more options and the high quality of care they need close to home.”

    Adriana LaGrange, Minister of Health

    Albertans currently receiving care, and those who need care, will continue to have access to the services they need. A transition committee led by Dr. Sayeh Zielke, author, cardiologist and medical director of Chinook Cardiology, along with leaders from health care, continuing care, social services and other local organizations, will provide the minister with advice to support this transformation. Committee members were chosen based on their experience, diverse perspectives, leadership and background in the continuing care and social services space. The committee’s work will be essential to ensuring a smooth and seamless transition with no disruptions.

    “It is an honour to be playing a role in helping transform Alberta’s continuing care system. Our goal is to put patients and clients first and give our front-line workers the support they need, which is why it is so important that we are taking the time to gets things right and consulting directly with Albertans.” 

    Dr. Zielke, cardiologist and medical director of Chinook Cardiology and chair of the Assisted Living Transition Committee

    Albertans are invited to share their feedback, support the stand up of Assisted Living Alberta and help shape the future of continuing care through online engagement that will be open from Jan. 30 to March 3 at Alberta.ca/lead-the-way. Continuing care providers and health care and continuing care workers will also have an opportunity to provide feedback through targeted engagement that will be open at the same time. Albertans’ insights and perspectives will help lead the way in improving the system to ensure it meets Alberta’s needs today and for generations to come.  

    Alberta’s government is making significant strides in its efforts to refocus the health care system. Assisted Living Alberta will be the fourth and final new provincial health agency to be established and operational. Recovery Alberta officially began operations on Sept. 1, 2024, with Primary Care Alberta ready to follow suit and become operational on Feb. 1, 2025. On the same date, Acute Care Alberta is set to become a legal entity. By creating four provincial health agencies to oversee the priority sectors of primary care, acute care, continuing care, and mental health and addiction, the province is putting patients first in every health care decision and giving front-line experts the support they need to properly care for Albertans.

    “The Alberta Continuing Care Association welcomes this transformational move by the Alberta government. By bringing social services, medical and non-medical supports, and continuing care together under one health agency, patients will be able to access wraparound supports for the care and services they need.”

    Feisal Keshavjee, chair, Alberta Continuing Care Association

    “Integrated health and social care enhances outcomes, aligns with the preferences of older adults, caregivers and practitioners, and underpins leading continuing care models. Healthy Aging Alberta and the United Way of Calgary congratulate the ministry on this exciting transition and look forward to supporting an integrated wraparound model of continuing care in Alberta.”

    Karen McDonald, provincial director, Healthy Aging Alberta 

    Transition committee members

    • Dr. Sayeh Zielke, committee chair – cardiologist and medical director of Chinook Cardiology
    • MLA Brandon Lunty, deputy chair – MLA for Leduc-Beaumont
    • Dr. David Stewart, member – physician, Family Medical Centre
    • David Weyant, member – president and CEO, Alberta Lawyers Indemnity Association
    • Robin James, member – chief administrative officer, Lethbridge Housing Authority
    • Feisal Keshavjee, member – board chair, Alberta Continuing Care Association
    • Karen McDonald, member – director, Healthy Aging Alberta (and executive director, Sage)
    • Andrea Hesse, member – executive director, Alberta Council for Disability Services
    • Joyce Wicks, member – former nurse and seniors advocate
    • Ruben Breaker, member – councillor, Siksika First Nation
    • Arlene Adamson, member – former CEO, Silvera for Seniors
    • Salimah Walji-Shivji, member – CEO, AgeCare
    • Irene Martin-Lindsay – member, executive director, Alberta Seniors and Community Housing Association

    Related news

    • Continuing care: Ministers LaGrange and Nixon (Oct 16, 2024)

    Related information

    • Refocusing health care in Alberta
    • Continuing Care Transformation
    • Online survey for feedback on Alberta’s continuing care system

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Buzzing from the world stage to Auckland’s elections

    Source: Auckland Council

    The dynamic new digital platform Buzzly, created to engage youth in civics and developed by Auckland Council just four months ago, has won at the World Summit Awards 2024 for Digital Innovation with Social Impact.

    Buzzly was recognised as one of the best digital impact solutions in the Government & Citizen Engagement category. Chosen from more than 400 solutions worldwide, Buzzly wowed judges by demonstrating how innovation can tackle societal challenges and contribute to achieving UN Sustainable Development Goals.

    The platform was developed to bridge a gap in civic engagement and policy-making involving young people, particularly Māori and Pasifika. It targets the voice of youth and establishes an inclusive space for rangatahi to share ideas using creative challenges, rewarding participation and ensuring youth insights are heard and valued by decision-makers. 

    World Summit Awards’ national expert for New Zealand, Frances Valintine is thrilled for Buzzly.

    “This recognition is a testament to your vision and determination, and we are so pleased you are representing Aotearoa New Zealand on the global stage,” says Ms Valintine.

    “Your hard work and dedication to empowering youth voices is truly inspiring, and we’re confident that you will make a significant impact for youth involvement in important matters.”

    Auckland Council’s Governance and Engagement General Manager, Lou-Ann Ballantyne says, “Gaining youth engagement is no easy feat and this achievement so far demonstrates how the Buzzly platform is really able to move and shake things up in this space.”

    And General Manager Group Strategy, Transformation and Partnerships, Anna Bray is proud of the team.

    “Thanks to funding from council’s The Southern Initiative, Buzzly has come a long way since upgrading from ‘Up South’, a platform initially designed to engage Māori and Pasifika rangatahi of South Auckland. I look forward to seeing what else it can do,” says Ms Bray.

    The Buzzly team is now getting ready to take on a major mission – improving youth participation in Auckland’s Elections 2025. 

    With Auckland’s elections planning well underway, it is hoped Buzzly will be the “cavalry” to ramp up youth participation in this year’s elections. In 2022, of the 1.1 million Aucklanders registered to vote, only 26 per cent of those aged 18-25 voted.

    The platform’s first ever elections challenge asks participants to consider, “What’s the council done for me?”, and encourages potential entrants to do their homework by asking, “What do you love about Auckland, and how’s the council involved?” as well as “How could the council make Auckland a city that slays?”

    Platform users can respond to the challenge by producing content with a call to action for their peers in whatever medium they choose, and the best outputs are awarded prizes.

    The purpose of the challenge is to show rangatahi, who are among Tāmaki Makaurau’s harder-to-reach audiences, how the decisions made by local government impact their daily lives – giving them reason to engage.

    The What does Auckland Council do for you? challenge is live 3 February – 9 March 2025 with $200 prizes up for grabs – get all the buzz here.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Defense News: Gettysburg Holds At-Sea Change of Command Ceremony

    Source: United States Navy

    Hodges assumed command in February 2023 and led the crew throughout the workup cycle leading to the ship’s deployment on Sept. 23, 2024, to the U.S. European and Central Command areas of responsibility as the Air and Missile Defense Commander for the Harry S. Truman Carrier Strike Group (HSTCSG).

    “Serving as the commanding officer of this extraordinary crew has been the privilege of a lifetime,” said Hodges. “These amazing men and women represent all that is great about our Navy and it’s been an enormous honor to serve with them.”

    Lucas, Gettysburg’s new commanding officer, completed a successful tour on the Joint Staff, J7 Directorate, before reporting to the ship.

    “What struck me most about this crew was your attitude and resiliency,” said Lucas. “I am motivated, honored, and humbled to be your commanding officer.”

    USS Gettysburg was commissioned June 22, 1991, and is homeported in Norfolk, Virginia.

    MIL Security OSI –

  • MIL-OSI Global: From breakbeats to the dance floor: How hip-hop and house revolutionized music and culture

    Source: The Conversation – USA – By Joycelyn Wilson, Assistant Professor of Ethnographic and Cultural Studies , Georgia Institute of Technology

    Producers Fast Eddie and Joe Smooth mix at DJ International Studios in Chicago in 1990. Innovation was at the forefront of house and hip-hop. Raymond Boyd/Getty Images

    There was a time when artists representing two of America’s biggest homegrown musical genres wouldn’t get a look in at the Grammys.

    Hip-hop and house both have their origins in the 1970s and early 1980s – in fact, they recently celebrated a 50th and 40th birthday, respectively. But it was only in 1989 that an award category for “best rap performance” started recognizing hip-hop’s contribution to U.S. music, and house had to wait another decade, with the introduction of “best dance/electronic recording” in 1998.

    At this year’s awards, taking place on Feb. 2, hip-hop and house artists will be among the most talked about. House duo Justice and Kendrick Lamar, a hip-hop superstar who incorporates elements of house himself, are among those looking to pick up an award. Meanwhile, a nomination for a collaboration between DJ Kaytranada and rapper Childish Gambino shows how artists from both genres continue to feed off each other.

    And while both genres are now celebrated for their separate contributions to the music landscape, as a scholar of African American culture and music, I am interested in their commonality: Both are distinctly Black American artforms that originated on the streets and dance floors of U.S. cities, developing a devoted underground following before being accepted by – and transforming – the mainstream.

    The pulse of the 1970s

    The roots of hip-hop and house music both lie in the seismic shifts of the late 1970s, a period of sociopolitical unrest and electronic experimentation that redefined the possibilities of sound.

    For hip-hop, this was expressed through the turntable manipulation pioneered by DJ Kool Herc in 1973, when he extended and looped breakbeats to energize crowds. House music’s innovators turned to the drum machine to create the genre’s foundational four-on-the-floor dance rhythm.

    That rhythm, foreshadowed by Eddy Grant’s 1977 production of “Time Warp” by The Coachouse Rhythm Section, would go on to shape house music’s distinct pulse. The track showed how electronic instruments such as the synthesizer and drum machine could recast traditional rhythmic patterns into something entirely new.

    This dance vibe – in which a base drum provides a steady four-four beat – became the heartbeat of house music, creating an enduring structure for DJs to layer basslines, percussion and melodies. In a similar way, Kool Herc’s breakbeat manipulation provided the scaffolding for MCs and dancers in hip-hop’s formative years.

    Marginalized communities in urban centers like Chicago and New York were at the forefront of these innovations. Despite experiencing grinding poverty and discrimination, it was Black and Latino youth – armed with turntables, drum machines and samplers – who made these groundbreaking advances in music.

    For hip-hop, this meant manipulating breakbeats from songs like Kraftwerk’s “Trans-Europe Express” and “Numbers” to energize b-boys and b-girls; for house, it meant extending disco’s rhythmic pulse into an ecstatic, inclusive dance floor. Both genres exemplified – and continue to exemplify – the ingenuity of predominantly Black and Hispanic communities who turned limited resources into cultural revolutions.

    From this shared origin of technological experimentation, cultural resilience and creative ingenuity, hip-hop and house music grew into distinct yet globally influential movements.

    The message and the MIDI

    By the early 1980s, both genres had found their feet.

    Hip-hop emerged as a powerful voice for storytelling, resistance and identity. Building on the foundations laid down by DJ Kool Herc, artists like Afrika Bambaataa emphasized hip-hop’s cultural and communal aspects. Meanwhile, Grandmaster Flash elevated the genre’s technical artistry with innovations like cutting and scratching.

    By 1984, hip-hop had evolved from its grassroots beginnings in the Bronx into a cultural movement on the cusp of mainstream recognition. Run-DMC’s self-titled debut album released that year introduced a harder, stripped-down sound that departed from disco-influenced beats. Their music, paired with the trio’s Adidas tracksuits and gold chains, established an aesthetic that resonated far beyond New York City. Music videos on MTV gave hip-hop a new medium for storytelling, while films like “Beat Street” and “Breakin’” showcased the features and tenets of hip-hop culture: DJing, rapping, graffiti, breaking and knowledge of self – cementing its cultural presence, and presenting it to a world outside the U.S.

    But at its core, hip-hop remained a voice for the voiceless that sought to address systemic inequities through storytelling. Tracks like Grandmaster Flash and the Furious Five’s “The Message” vividly depicted the reality of living in poor, urban communities, while Public Enemy’s “Fight the Power” and Tupac Shakur’s “Keep Ya Head Up” became anthems for social justice.

    Together these artists positioned hip-hop as a platform for resistance and empowerment.

    Becoming a cultural force

    Unlike hip-hop’s lyrical storytelling, house music focused on the physicality of rhythm and the collective experience of the dance floor. And as hip-hop moved away from disco, house leaned into it.

    Italy’s “father of disco,” Giorgio Moroder, showed the way with his pioneering use of synthesizers in Donna Summer’s “I Feel Love.” Over in New York, Larry Levan’s DJ sets at Paradise Garage demonstrated how electronic instruments could create immersive, emotionally charged experiences as a club that centered crowd participation through dance and not lyrics.

    By 1984, Chicago DJs Frankie Knuckles and Ron Hardy were repurposing disco tracks with drum machines like the Roland TR-808 and 909 to create hypnotic beats. Knuckles, known as the “Godfather of House,” transformed his sets at the Warehouse club into euphoric experiences, giving the genre its name in the process.

    Frankie Knuckles in the DJ booth at Crobar in New York in 2003.
    Jemal Countess/WireImage

    House music thrived on inclusivity, served as a safe space for Black and Latino members of the LGBTQ+ communities at a time when hip-hop was severely unwelcoming of gay men. Tracks like Jesse Saunders’ “On & On” and Marshall Jefferson’s “Move Your Body” celebrated freedom, love and unity, encapsulating its liberatory spirit, as rap music and hip-hop culture embarked on its mainstream journey with songs like Run DMC’s “Sucker M.C.s (Krush Groove)” and Salt-N-Pepa debuted their album “Hot, Cool, & Vicious.”

    As with hip-hop, by the the mid-1980s house music had become a cultural force, spreading from Chicago to Detroit, to New York and, eventually, to the U.K.’s rave scene. Its emphasis on repetition, rhythm and electronic instrumentation solidified its global appeal, uniting people across identities and geographies.

    Mainstays in modern music

    Despite their differences, moments of crossover highlight their shared DNA.

    From the late 1980s, tracks like Fast Eddie’s “Yo Yo Get Funky” and the Jungle Brothers’ “I’ll House You” merged house beats with hip-hop’s lyrical flow. Artists like Kaytranada and Doechii continue to blend the two genres today, staying true to the genres’ legacies while pushing their boundaries.

    And technology continues to drive both genres. Platforms like SoundCloud have democratized music production, allowing emerging artists to build on the decades of innovations that preceded them. Collaborations, such as Disclosure and Charli XCX’s “She’s Gone, Dance On,” highlight their adaptability and enduring appeal.

    Whether through hip-hop’s lyrical narratives or house’s rhythmic euphoria, these genres continue to inspire, challenge and transcend.

    As the 2025 Grammy Awards celebrate today’s leading house and hip-hop artists and their contemporary achievements, it is clear that the legacies of these two genres are mainstays in the kaleidoscope of American popular music and culture, having come a long way from back-to-school park jams and underground dance parties.

    Joycelyn Wilson is affiliated with the Recording Academy.

    – ref. From breakbeats to the dance floor: How hip-hop and house revolutionized music and culture – https://theconversation.com/from-breakbeats-to-the-dance-floor-how-hip-hop-and-house-revolutionized-music-and-culture-229336

    MIL OSI – Global Reports –

  • MIL-OSI New Zealand: Signs of hope as Whangamarino Wetlands bounces back from fire

    Source: Department of Conservation

    Date:  31 January 2025

    The good news comes just ahead of World Wetlands Day, which celebrates and raises awareness of the significant role wetlands play for the planet and people. This year’s theme is protecting wetlands for our common future.

    Aotearoa has seven Ramsar-listed wetlands, recognised as internationally significant sites, including Whangamarino Wetland in Waikato.

    The October fire burned through about 1000 hectares of the peatland, one of the few remaining raised peatlands in the southern hemisphere. It stores a significant amount of carbon in its soils, and is home to rare native plants and threatened species like the matuku-hūrepo/Australasian bittern and pūweto/spotless crake.

    DOC Whangamarino Ranger Lizzie Sharp says thanks to relatively high water levels in the peatland before the fire, only a shallow layer of the peat soils was burned.

    “The wetland is showing signs of hope. The peatland areas of Whangamarino were healthy before the fire as it wasn’t being actively drained and had good vegetation cover dominated by native plants, so we’re more confident about its recovery.”

    “Although this is great news, the fire has still caused significant damage to the vegetation and upper layers of the wetland, resulting in loss of 1000ha of critical habitat for threatened species. The loss of biodiversity caused by the fire will likely take decades to recover.

    It’s like the peat bog has lost its skin. It is still vulnerable and losing water more easily than it should. The new conditions are inviting for weeds like willow, royal fern, and pampas.”

    Lizzie says the recovery plan will focus on controlling invasive weeds which will give the native peat vegetation time to recover from their seed sources which survived the fire.

    “Peat bog wetlands are normally low-nutrient environments and the plants living there have adapted to those conditions. The firefighting effort used water from nearby waterways which had much higher nutrient levels, so we want to understand how the wetland responds to this.”

    DOC Principal Science Advisor Freshwater Hugh Robertson says other peatland fires in New Zealand have emitted more than 200 tonnes of carbon per hectare, but the loss of carbon at Whangamarino is likely to be only about 50-80 tonnes per hectare because the wet peat soils did not burn. However, further research is needed to confirm the carbon emissions.

    “Peatlands are great carbon stores because the vegetation in them, which holds the carbon, decomposes very slowly, trapping it. It’s like the vegetation freezes in time.

    “However, peat soils are highly flammable, particularly when they’re dried out. Re-wetting our wetlands will make them less susceptible to the impacts of fires which in turn will reduce greenhouse gas emissions,” Hugh says. 

    World Wetlands Day, celebrated annually on 2 February, dates back to 1971 when environmentalists gathered in the city of Ramsar, Iran, to reaffirm protection for our world’s wetlands.

    The day highlights the influence and positive production wetlands have on the world and brings communities together for the benefit of wetlands. It also raises global awareness of the significant role wetland’s play for the planet and people.  

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI USA: Luján Meets with Hermit’s Peak Fire Victims to Address Unsettled Claims and Push for Urgent Improvements

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Washington, D.C. – Yesterday, U.S. Senator Ben Ray Luján (D-N.M.) convened a meeting with claimants who have unsettled total loss claims from the Hermit’s Peak/Calf Canyon Fire and Claims Office Director Jay Mitchell. The meeting provided an opportunity for claimants to share their concerns about the process and allow Director Mitchell to provide a direct update on the progress of claims. 
    “I am thankful to all of the total loss victims who joined us today to tell their devastating stories. Each one of your stories is unique, and we need to hear them. What has become clear in these discussions is the urgent need to make people whole again as quickly as possible,” Senator Luján said in the meeting.
    “I have worked hard in Congress to secure $5.45 billion for recovery efforts, but FEMA must improve the claims office process to get victims the compensation they are owed and to speed up the process. New Mexicans are hurting,” said Senator Luján following the meeting. “In our meeting, I am glad that FEMA shared that funding will not be impacted by President Trump’s efforts to freeze federal funding. I continue to urge FEMA to provide clarity to New Mexicans during this chaotic and stressful time.”
    Senator Luján has pressed FEMA to fully compensate the victims of the fire. Earlier this month, Senator Luján met with Director Mitchell to address ongoing issues with the claims process, particularly concerning total loss claims. Senator Luján emphasized the need for immediate action to improve the system, including:
    Confirming the total number of individuals who lost their primary homes and have not yet received substantial payments.
    Reducing the frequency with which claimants are reassigned to new navigators.
    Ensuring that partial payments are sufficient to help families start rebuilding or purchase new homes.
    Senator Luján and the New Mexico delegation have secured more than $5.45 billion for recovery efforts following the Hermit’s Peak/Calf Canyon Fire. The fire, which was started by the U.S. Forest Service, caused widespread damage and uprooted the lives of many New Mexicans.

    MIL OSI USA News –

  • MIL-OSI Global: International students’ housing challenges call for policy action

    Source: The Conversation – Canada – By Edward R. Howe, Professor, School of Education, Thompson Rivers University

    Canada is a top destination for international students, with over one million studying at various levels in 2023. International students contribute billions of dollars to the Canadian economy and much more to our social fabric.

    But recent policy changes and increased public scrutiny have created a challenging environment for these students and the higher education institutions that host them.

    After a decade of rapid growth, the federal government has implemented a two-year cap on international student permits, reducing undergraduate admissions by 35 per cent in 2024 and an additional 10 per cent in 2025.

    This controversial decision aims to address growing concerns about the impact of international students and unchecked immigration on Canada’s economy, housing and public services.

    An ongoing longitudinal research study at Thompson Rivers University (TRU) , which engages international students’ views and experiences through both surveys and interviews, sheds light on the lived experiences of international students amid these dramatic policy shifts. I have led this research with international graduate student research assistants.

    Shifts from 2016 to 2024: housing

    The first round of our study drew on a 2016 survey of more than 100 international students at TRU, and interviews with 14 from the same pool. We recently surveyed a further 215 international TRU students and conducted in-depth interviews with 14 more participants from various nations including India and China, across a range of undergraduate and graduate programs.

    Our newest research findings revealed major challenges faced by international students, particularly in housing and finances. This echoes other findings that indicate the housing situation for international students has worsened over the past decade.

    Over 55 per cent of students reported difficulties finding suitable accommodations, with many experiencing systemic racial discrimination in the rental market. Financial struggles were also prevalent, with about one-third of participants indicating insufficient financial support or uncertainty about their financial situation.



    Read more:
    International students are not to blame for Canada’s housing crisis

    Racism, concern for post-graduate work

    On a positive note, fewer students reported experiencing racism on campus in 2024 than in 2016.

    In 2016, when students were asked to say to what extent they agreed with the statement “I encountered racism at university,” there were a wide range of statements: 14 per cent strongly agreed and 21 per cent agreed; 25 per cent strongly disagreed; 16 per cent disagreed and 23 per cent were undecided.

    This was the only question that had such a pattern of responses spread evenly across the five-point scale. In 2024, only 13.5 per cent agreed or strongly agreed with this statement.

    But in interviews, many students commented upon encountering racism and exploitation when job hunting or searching for housing accommodations. For example, one student reported that when seeking to renegotiate a lease due to problems with a roommate, the landlord threatened to take action to revoke their student visa.



    Read more:
    International university grads speak about aspirations and barriers

    In surveys and interviews, students lamented the dearth of co-op programs, work-integrated learning and experiential opportunities for their future success in Canada. This aligns with recent data from the Canadian Bureau for International Education, which found that 70 per cent of international students plan to apply for post-graduate work permits, and 57 per cent intend to seek permanent residency.

    Students’ thoughts on ‘internationalization’

    Our recent study also asked students their thoughts on “internationalization,” as universities and government policy have used this term to promote Canada as an international, global and multicultural society with globally focused curricula and opportunities for international study abroad.

    Students’ responses fell into three main themes: cross-cultural exchange, mutual learning and community building, and personal growth through international experiences. These findings were consistent across different nationalities and genders, suggesting a shared understanding of internationalization among diverse student groups.

    A student carrying a backpack walks on campus at Trinity Western University in Langley, B.C., in 2017.

    To address these challenges and support international students, our research recommends that universities continue to diversify their pools of international students by increasing scholarships for students from marginalized regions.

    This matters in the wake of the recent announcement to reduce immigration targets from 485,000 in 2024 to 365,000 by 2027. This policy direction creates uncertainty for many international students hoping to build their futures in Canada.

    This shift comes as public support for immigration has dramatically decreased, reaching an all-time low. Fifty-eight per cent of Canadians now believe the country accepts too many immigrants — a 31-point increase since 2022.

    We also suggest fostering deeper cross-cultural understanding among university staff and domestic students, establishing program-specific student support centres with peer mentoring. The fragile school-to-work transition needs to be better facilitated through co-op education and other work-integrated learning opportunities. Action from policymakers to address systemic barriers in housing and employment is also needed.

    Welcoming destination for global talent

    International students contribute significantly to Canada’s economy, cultural diversity and multicultural society.

    Government, educators, universities and employers have roles to play in reframing the “internationalization” of higher education. There is a need to balance economic rationales with social and academic outcomes, including a focus on global citizenship education for all students.

    In the shadow of Donald Trump’s second presidency in the United States, which is amplifying xenophobic rhetoric and action against migrants, and amid major shifts in Canada’s federal landscape, it is important to take inventory of how changing government immigration policies can have a profound impact on Canada.

    It is crucial to consider the perspectives of international students. Their insights matter for helping to shape policies and practices that affect their educational experiences, future opportunities in Canada and the very social fabric of Canada.

    By addressing students’ challenges and the barriers they encounter, and by supporting their successes, we can ensure that Canada remains a welcoming destination for global talent.

    Surbhi Sagar and Athira Pushpamgathan contributed to this research and co-authored this story.

    Edward R. Howe does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. International students’ housing challenges call for policy action – https://theconversation.com/international-students-housing-challenges-call-for-policy-action-230833

    MIL OSI – Global Reports –

  • MIL-OSI Global: Understanding the backlash against corporate DEI — and how to move forward

    Source: The Conversation – Canada – By Camellia Bryan, Assistant Professor, Organizational Behaviour and Human Resources Division, Sauder School of Business, University of British Columbia

    United States President Donald Trump recently issued an executive order to end federal diversity, equity and inclusion (DEI) programs. In the days since, Trump has even tried to blame a deadly Washington, D.C., plane crash on DEI hiring practices, without citing any evidence. He was swiftly criticized for his statement.

    In the corporate world, DEI programs aimed at addressing systemic barriers that have historically disadvantaged marginalized groups are facing growing resistance, with backlash becoming increasingly visible in workplaces and in public discourse.

    High-profile companies like Amazon, Meta, McDonalds and Target have been cancelling their DEI programs since last year. Although others, like Costco and Apple, have said they’re retaining theirs.

    The backlash against DEI isn’t just about individuals rejecting change; it reveals deeper tensions in how people see themselves and their place in society.

    Our research explores these tensions. We find that while social identity threat — the discomfort people feel when their identity is challenged — can lead to backlash, it can also present an unexpected opportunity for learning and growth. Understanding this dynamic offers a path forward for organizations struggling to balance DEI efforts with employee buy-in.

    What drives DEI backlash?

    Backlash often emerges from employees who belong to dominant social identity groups that hold disproportionate access to power and resources. Examples include white people in North America, men in patriarchal societies or heterosexual individuals in hetero-normative cultures.

    For these employees, DEI initiatives can sometimes feel threatening. Why? Because such efforts highlight inequalities and challenge assumptions about fairness, merit and the status quo. When someone identifies strongly with their group — whether as a white person, a man or a member of another dominant identity — they may see DEI initiatives as attacks on their assumptions. This discomfort is known as social identity threat.

    For instance, when a company introduces a gender equity policy aimed at addressing women’s under-representation in leadership, some men might perceive this as unfair. Their response — whether it’s skepticism, defensiveness or outright resistance — reflects a defensive reaction to that threat.

    Beyond defensiveness: A path to learning

    Traditional approaches to managing DEI backlash often focus on mitigating threat: providing reassurance, avoiding confrontation or encouraging self-affirmation (“DEI isn’t about you; it’s about everyone”). Yet these approaches miss an important point: social identity threat doesn’t have to result in defensiveness or backlash. It can also inspire reflection, learning and growth.

    Our research draws on transformational learning theory, which explains how adults change their understanding of the world in response to disorienting experiences.

    According to this theory, when people encounter information that challenges their assumptions, they can engage in a process of deep reflection. By questioning their beliefs and seeking out new perspectives, individuals can develop more accurate, inclusive interpretations of themselves and others.



    Read more:
    Businesses must stop caving to political pressure and abandoning their EDI commitments

    Real-world examples of transformation

    Consider the story of Caolan Robertson, a former alt-right filmmaker in the United Kingdom.

    For years, Robertson worked with extremist figures to produce anti-immigrant and anti-Muslim content that garnered millions of views online. Then, in 2019, Robertson saw media coverage of mosque shootings, where 51 people were killed by a white supremacist. The tragedy rattled him.

    In Robertson’s own words, the event forced him to confront his assumptions about white identity and how it can be involved in violence and extremism. What began as an overwhelming sense of disorientation turned into a period of deep reflection. Robertson eventually rejected his old beliefs, began speaking out against extremism, and co-founded an organization to help others de-radicalize.

    Similar learning occurs on smaller scales in workplaces every day. For example, a male manager who initially feels threatened by gender equity policies might, over time, come to recognize the barriers women face at work and become an advocate for change. Or a white employee who feels uncomfortable during discussions about racism might come to see how privilege has shaped their experiences.

    Creating conditions for growth

    So how can organizations turn social identity threat into an opportunity for learning rather than backlash? We propose three strategies:

    1. Foster a “learning-oriented” DEI climate
    Organizations must shift how they frame DEI initiatives. Instead of treating these efforts as compliance-driven checkboxes, companies should position DEI as a chance for employees to learn, grow and contribute to a more inclusive workplace. A strong diversity climate — where differences are valued, and conversations about identity are encouraged — creates a safe space for reflection. Our research shows that when employees feel that diversity is part of their organization’s mission, they’re more likely to approach identity threats as a learning opportunity.

    2. Encourage dialogue across perspectives
    One of the most effective ways to challenge harmful assumptions is through dialogue across perspectives — open conversations where employees with different lived experiences share their perspectives and provide feedback. This kind of dialogue requires psychological safety: employees need to feel secure enough to express their views, even when those views are incomplete or flawed. Importantly, these conversations don’t always have to occur between dominant and marginalized group members. Dialogue with other dominant-group colleagues who have already reflected on their identities can also provide valuable insights.

    3. Support incremental progress
    Transformational learning doesn’t happen overnight. Employees may initially engage in surface-level reflection, revising specific assumptions without challenging deeper systems of inequality. Over time, they may progress to deep-level reflection, critically analyzing the foundational beliefs that shape their identity. Organizations can support this incremental progress by recognizing small steps and encouraging continued learning.

    Discomfort: A powerful motivator for change

    The backlash to DEI efforts is often framed as evidence that the initiative is failing, but it can also be understood as a natural part of the learning process.

    Social identity threat is uncomfortable, but it can serve as a powerful motivator for change when organizations provide the right tools and support.

    Companies that ignore backlash risk deepening resistance and undermining their DEI goals. However, organizations that embrace discomfort as an opportunity for growth can transform their workplaces into spaces where employees are not only more inclusive but also more reflective, empathetic and engaged.

    Backlash isn’t the end of the story — it’s the beginning of a conversation.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Understanding the backlash against corporate DEI — and how to move forward – https://theconversation.com/understanding-the-backlash-against-corporate-dei-and-how-to-move-forward-246117

    MIL OSI – Global Reports –

  • MIL-OSI USA: DBEDT NEWS RELEASE: VISITOR INDUSTRY CONTINUED IMPROVEMENT IN DECEMBER 2024

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: VISITOR INDUSTRY CONTINUED IMPROVEMENT IN DECEMBER 2024

    Posted on Jan 30, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    RESEARCH AND ECONOMIC ANALYSIS DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    1. EUGENE TIAN

    CHIEF STATE ECONOMIST

     

    VISITOR INDUSTRY CONTINUED IMPROVEMENT IN DECEMBER 2024

     

     

    FOR IMMEDIATE RELEASE

    January 30, 2025

     

    HONOLULU – According to preliminary statistics from the Department of Business, Economic Development and Tourism (DBEDT), there were 910,055 visitors to the Hawaiian Islands in December 2024, a 5.5 percent growth compared to the same month last year. Total visitor spending measured in nominal dollars was $2.04 billion, up 4.7 percent from December 2023. December marked the fifth straight month with year-over-year growth in both visitor arrivals and expenditures. Total visitor arrivals in December 2024 represent a 95.5 percent recovery rate from pre-pandemic December 2019 (952,441, -4.5%) and total nominal visitor spending increased compared to December 2019 ($1.75 billion, +16.6%).

    In December 2024, 892,000 visitors arrived by air service, mainly from the U.S. West and U.S. East. Additionally, 18,055 visitors arrived via out-of-state cruise ships. In comparison, 847,257 visitors (+5.3%) arrived by air and 15,191 visitors (+18.9%) came by cruise ships in December 2023, and 941,128 visitors (-5.2%) came by air and 11,313 visitors (+59.6%) came by cruise ships in December 2019.

    The average length of stay by all visitors in December 2024 was 9.10 days, which was shorter than December 2023 (9.34 days, -2.7%) and December 2019 (9.27 days, -1.9%). The statewide average daily census was 267,000 visitors in December 2024, compared to 259,938 visitors (+2.7%) in December 2023 and 284,924 visitors (-6.3%) in December 2019.

    In December 2024, 452,023 visitors arrived from the U.S. West, an increase from December 2023 (424,808 visitors, +6.4%) and December 2019 (418,520 visitors, +8.0%). U.S. West visitor spending of $922.4 million grew compared to December 2023 ($856.3 million, +7.7%) and was much higher than December 2019 ($697.6 million, +32.2%). Daily spending by U.S. West visitors in December 2024 ($230 per person) increased compared to December 2023 ($226 per person, +1.9%) and was considerably more than December 2019 ($180 per person, +27.7%).

    In December 2024, 228,169 visitors arrived from the U.S. East, up from December 2023 (209,574 visitors, +8.9%) and from December 2019 (215,358 visitors, +5.9%). U.S. East visitor spending of $609.4 million increased from December 2023 ($557.6 million, +9.3%) and December 2019 ($488.3 million, +24.8%). Daily spending by U.S. East visitors in December 2024 ($264 per person) was higher than December 2023 ($259 per person, +2.1%) and December 2019 ($217 per person, +21.5%).

    There were 70,825 visitors from Japan in December 2024, a slight growth from December 2023 (70,348 visitors, +0.7%), but significantly fewer than December 2019 (136,635 visitors,
    -48.2%). Although there were slightly more visitors in December 2024, their shorter length of stay (6.19 days, -5.5%) and lower daily spending ($238 per person, -4.0%) resulted in decreased total Japanese visitor spending ($104.4 million, -8.7%) compared to December 2023. Total Japanese visitor spending ($210.9 million, -50.5%) was down considerably and daily spending ($260 per person, -8.5%) was less compared to December 2019.

    In December 2024, 53,203 visitors arrived from Canada, a decrease from December 2023 (57,885 visitors, -8.1%) and December 2019 (64,182 visitors, -17.1%). Visitors from Canada spent $129.9 million in December 2024, compared to $158.6 million (-18.1%) in December 2023 and $129.6 million (+0.2%) in December 2019. Daily spending by Canadian visitors in December 2024 ($225 per person) was slightly lower compared to December 2023 ($227 per person, -0.8%), but significantly more than December 2019 ($159 per person, +41.7%).

    There were 87,779 visitors from all other international markets in December 2024, comprising visitors from Oceania, Other Asia, Europe, Latin America, Guam, the Philippines, the Pacific Islands and other regions. In comparison, there were 84,643 visitors (+3.7%) from all other international markets in December 2023 and 106,434 visitors (-17.5%) in December 2019.

    Air capacity to the Hawaiian Islands in December 2024 (5,366 transpacific flights with 1,194,302 seats) increased compared to December 2023 (5,121 flights, +4.8% with 1,127,084 seats, +6.0%), but declined from December 2019 (5,676 flights, -5.5% with 1,252,958 seats,
    -4.7%).

    Calendar Year 2024

     

    A total of 9,689,113 visitors arrived in calendar year 2024, a slight growth from 9,657,607 visitors (+0.3%) in 2023. Total arrivals decreased 6.7 percent when compared to 10,386,673 visitors in 2019.

    In 2024, total visitor spending was $20.68 billion, down slightly from $20.73 billion (-0.2%) in 2023, but higher than $17.72 billion(+16.7%) in 2019.

    VIEW FULL NEWS RELEASE AND TABLES

     

    Statement by DBEDT Director James Kunane Tokioka

     

    Hawai‘i’s tourism industry in 2024 continued to recover from the August 2023 Maui wildfires. Data from August to December 2024, which shows year-over-year growth in both arrivals and visitor spending, is encouraging. For calendar year 2024, total arrivals (9,689,113 visitors, +0.3%) rose slightly while total visitor expenditures ($20.68 billion, -0.2%) were just shy by 0.3 percent of the 2023 level.

    The cruise industry performed exceptionally well in 2024 with 168,035 visitor arrivals to Hawai‘i by cruise ships, surpassing 2023 (157,612 visitors, +6.6%) and pre-pandemic 2019 (143,508 visitors, +17.1%) and became the second-highest annual arrivals by cruise ship since the cruise visitor data were recorded in 1999 (the highest cruise visitor arrivals occurred in 2013 when 170,987 visitors came).

    Looking forward into 2025, we expect visitor arrivals to be impacted by the Los Angeles wildfires. Los Angeles is Hawai‘i’s largest source market, accounting for 9.1 percent of all visitor arrivals in 2024 and 30.2 percent of all visitors from California. Our hearts go out to everyone who lost a loved one, home or place of business in the fires. Governor Green has reached out in support and aloha to California Governor Newsom to offer relief for Los Angeles wildfire survivors and first responders.

    # # #

     

     

    Media Contacts:

     

    Laci Goshi 

    Communications Officer

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

     

    Jennifer Chun

    Director of Tourism Research

    Department of Business, Economic Development and Tourism

    Phone: 808-973-9446

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI Security: Lexington Attorney Indicted for Embezzling at Least $2.5 Million

    Source: Office of United States Attorneys

    BOSTON – An attorney working as a bookkeeper for three Massachusetts companies has been indicted by a federal grand jury for embezzling at least $2.5 million from the companies.    

    David Smerling, 74, of Lexington, was indicted on three counts of wire fraud and two counts of money laundering. He was previously charged by criminal complaint on Jan. 13, 2025.  

    According to the indictment, between January 2016 and May 2020, Smerling embezzled more than $2.5 million from the companies by transferring funds first to a bank account owned by one of the victims that Smerling controlled before moving the money to bank accounts in his own name, or directly from the companies’ accounts to bank accounts in his own name. The indictment also alleges that Smerling concealed his scheme by changing the mailing address on the victims’ bank statements to his home address and refusing to share the online banking password for the victims’ accounts.  

    The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. The charge of money laundering provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $500,000 or twice the value of the property involved in the transaction, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorney Kristen A. Kearney of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI: AI Visionary James Altucher: Elon Musk’s ‘Project Colossus’ Marks the Beginning of America’s AI Renaissance [Video Presentation]

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Renowned AI expert James Altucher has declared Elon Musk’s Project Colossus to be the “single most transformative leap forward in technology since the invention of the Internet.” In a video presentation, he explains that as the United States accelerates its efforts to maintain global dominance in artificial intelligence, Project Colossus stands as the cornerstone of this strategy. Developed by Musk’s xAI and headquartered in Memphis, Tennessee, the supercomputer’s immense computational power is driving innovation across medicine, energy, and national defense.

    Altucher, a 40-year veteran of emerging technologies, sees Project Colossus as a defining project of the decade. “This isn’t just about AI; this is about leveraging technology to solve humanity’s greatest challenges,” Altucher said. “From extending human lifespans to addressing global energy shortages, this project is putting the United States back on the map as the leader in technological innovation.”

    The Powerhouse of Innovation: Inside Project Colossus
    Located in an unassuming facility in Memphis, Project Colossus boasts over 100,000 Nvidia H100 GPUs, making it the most powerful supercomputer in the world. It has already surpassed global competitors in computational power, including projects from Google, OpenAI, and Microsoft. Plans are underway to double its capacity in 2025, further cementing its role as the foundation for America’s technological resurgence.

    The Hidden Powerhouse: The Role of a Critical Partner
    While Elon Musk and xAI take center stage, Altucher notes the importance of an often-overlooked technology company that powers Project Colossus. “This company provides the critical infrastructure that allows all of these advanced AI chips to function as a single, unified system,” Altucher revealed. “Without it, Musk’s vision for Project Colossus wouldn’t be possible. It’s the silent enabler behind this revolution.”

    Applications Across Industries
    Altucher highlights Project Colossus’s role in tackling some of America’s most urgent challenges:

    • Healthcare: Accelerating medical research and improving disease detection.
    • Energy: Optimizing energy grids to create sustainable systems.
    • Manufacturing: Boosting efficiency and reducing supply chain bottlenecks.
    • Defense: Strengthening national security through advanced AI-powered analytics.

    “This project is more than just an achievement in computing—it’s a foundation for solving problems that impact everyday Americans,” Altucher said.

    About James Altucher
    James Altucher of Paradigm Press Group is a leading authority on artificial intelligence and emerging technologies. With over four decades of expertise, Altucher has helped shape public understanding of transformative trends, making him one of the most trusted voices in the AI space.

    Media Contact:
    Derek Warren
    Public Relations Manager
    Paradigm Press Group
    Email: dwarren@paradigmpressgroup.com

    The MIL Network –

  • MIL-OSI NGOs: Canada: Temporary visa programme enables abuse migrant workers, treating them as disposable, report finds

    Source: Amnesty International –

    Canada’s Temporary Foreign Worker Programme (TFWP) is designed in a way that facilitates shocking abuse and discrimination of migrant workers, Amnesty International said in a new report today.

    The report, ‘Canada has destroyed me’: Labour exploitation of migrant workers in Canada, exposes the impact of the TFWP, which allows employers to hire migrant workers, primarily for low-paid jobs, across various sectors, including agriculture, food processing, the care system, construction and hospitality. TFWP visas tie workers to a single employer who controls both their migration status and labour conditions.

    People who currently employed or have worked under the programme told Amnesty International that, after arriving in Canada, they were forced to work long hours without rest and received lower pay than agreed. they were often assigned tasks not included in their contract and suffered physical, sexual and psychological abuse. Many of them worked in unsafe conditions, lacked access to adequate housing and healthcare, and faced discrimination in the workplace. Most of them were unable to access effective remedies for the abuses they endured.

    “The abuse experienced by migrant workers in Canada is deeply troubling, especially for a country that claims to be a leader when it comes to protecting human rights,” said Erika Guevara-Rosas, Senior Director for Research, Advocacy, Policy and Campaigns at Amnesty International. “Many migrant workers have told us they came to Canada hoping to secure a better future, yet instead, they felt they were treated like slaves. These workers are vital for putting food on the country’s tables and caring for the elderly. They deserve much better.”

    Many migrant workers have told us they came to Canada hoping to secure a better future, yet instead, they felt they were treated like slaves. These workers are vital for putting food on the country’s tables and caring for the elderly. They deserve much better.

    Erika Guevara-Rosas, Senior Director for Research, Advocacy, Policy and Campaigns at Amnesty International.

    Many migrant workers under the TFWP work and live in remote locations and therefore depend on their employer for accommodation and access to health insurance or transportation to get medical care. They face termination of their contracts and a swift repatriation if they fall sick, suffer injuries or are no longer considered fit for the job.

    MIL OSI NGO –

  • MIL-OSI Europe: Written question – Withdrawal of the USA from the WHO – E-000277/2025

    Source: European Parliament

    Question for written answer  E-000277/2025
    to the Commission
    Rule 144
    Erik Kaliňák (NI)

    On 20 January 2025, the newly elected President of the United States signed several executive orders, including one ordering the completion of the US withdrawal from the WHO[1].

    In contrast to this move by the US, the EU continues to support the WHO, including by planning to get Member States to commit to the amendments to the International Health Regulations annexed to Resolution WHA77.17, which were adopted on 1 June 2024, in the interests of the EU.

    In the light of the foregoing:

    • 1.Does the Commission consider it appropriate for Member States to be bound by WHO health regulations or a pandemic treaty when it is beyond doubt that these measures will not be adopted by major global actors?
    • 2.Have experts carried out an independent impact analysis that would lead to a recommendation that the EU and its Member States continue to participate in the aforementioned WHO documents, and that would take into account the US withdrawal?
    • 3.In the absence of such an analysis, would the Commission consider suspending actions leading to being bound by the aforementioned provisions, at least until it becomes clear whether their adoption has added value for EU citizens?

    Submitted: 22.1.2025

    • [1] https://www.whitehouse.gov/presidential-actions/2025/01/withdrawing-the-united-states-from-the-worldhealth-organization/
    Last updated: 30 January 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah releases “Indian Renaissance: The Modi Decade” book in New Delhi

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation Shri Amit Shah releases “Indian Renaissance: The Modi Decade” book in New Delhi

    Past 10 years of Prime Minister Shri Narendra Modi’s tenure have marked the end of one era and the beginning of another

    Whether as CM or now as PM, Modi Ji has taken a transformative decision every year, bringing significant change

    Whenever India’s history is written, even the harshest critics will acknowledge Modi Ji’s 10 years of governance in golden letters

    Some leaders talk about separating Southern India; in their time, they divided the country multiple times, How long will they keep dividing?

    Modi Ji has mastered the art of true leadership—something that leaders who only seek newspaper headlines will never understand

    India’s history will be categorized into three phases: before and after independence, before and after the Emergency, and before and after Modi Ji’s era

    Posted On: 30 JAN 2025 10:10PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah today released “Indian Renaissance: The Modi Decade” book in New Delhi. On this occasion, Union Minister for Housing and Urban Affairs Shri Manohar Lal, Rajya Sabha MP Shri Kartikeya Sharma, the book’s editor Dr. Aishwarya Pandit, and several other distinguished personalities were present.

    Union Home Minister and Minister of Cooperation Shri Amit Shah said that in the past 10 years of Prime Minister Shri Narendra Modi’s tenure have marked the end of an era and the beginning of a new one. He emphasized that whenever India’s history is rewritten, even Modi Ji’s staunchest critics will acknowledge these 10 years in golden letters.

    He further said that in 2014, India entered a new era, receiving a stable government after three decades, leading to success in every part of the country. Shri Shah mentioned that this transformation has been interpreted in various ways, with a foreign newspaper even writing that while India attained independence on August 15, 1947, it was under Modi Ji’s leadership in 2014 that the country truly gained freedom from colonial influences.

    Shri Amit Shah said that our country gained freedom from a long period of colonial rule on 15 August 1947. He further highlighted that India is one of the world’s oldest civilizations, known for its openness—whether in embracing new ideas, welcoming foreign citizens, or accepting diverse languages.

    Union Home Minister and Minister of Cooperation Shri Amit Shah noted that India is the only country in the world that has embraced multiple civilizations, modified its own traditions, and continued its journey while preserving its essence. He emphasized that India is unique in its ability to sustain numerous languages, cultures, dialects, and religions, all coexisting with mutual respect while progressing together as a nation.

    Shri Amit Shah stated that under the leadership of Prime Minister Shri Narendra Modi, numerous reforms have taken place across various sectors, accelerating overall growth. He highlighted that the size and scale of every sector have expanded significantly. He emphasized that no one could have imagined that during the world’s biggest pandemic, COVID-19, India would manage the crisis most efficiently. Through the use of technology, the country successfully vaccinated its 1.3 billion population and seamlessly provided vaccination certificates. He also noted that India was among the first to develop a COVID-19 vaccine and supplied it to over 100 countries.

    Union Home Minister and Minister of Cooperation, Shri Amit Shah, stated that in the future, India’s history will be divided into three distinct parts. The first part will be “India before Independence and after Independence,” the second part will be “India before Emergency and after Emergency,” and the third part will be “India before Modi Ji and after Modi Ji.” He emphasized that when a leader guides his nation with hard work, diligence, a clean heart, and a visionary approach, history cannot ignore him.

    Shri Amit Shah highlighted that during the 25th and 50th anniversaries of India’s independence, programs were primarily held in schools, panchayats, and government buildings, with resolutions passed in legislative assemblies and Parliament. However, the 75th anniversary of independence was celebrated on a much larger scale, with over 8 lakh programs organized despite the challenges of the Covid-19 pandemic. He credited PM Modi for ensuring that the new generation learns about the freedom movement from 1857 to 1947 and that the unsung heroes of independence receive their due recognition. He added that PM Modi encouraged the nation to take pride in its achievements over the past 75 years and inspired citizens to commit to making India a fully developed nation by August 15, 2047.

    Shri Amit Shah asserted that PM Modi has set a clear target for India to become a fully developed nation by 2047. He remarked that what started as the Prime Minister’s resolution has now become the collective aspiration of 130 crore Indians. He expressed confidence that India’s youth will be the driving force behind making the country the number one global power by 2047. He added, Modi Ji recognizes that if every Indian takes a single step forward, the country will advance by 130 crore steps.

    Referring to the Covid-19 pandemic, Shri Amit Shah recalled how the entire country obeyed PM Modi’s call for a ‘Janta Curfew’ and stayed indoors. He compared this response to the public’s reaction to the appeal for fast made by former Prime Minister Lal Bahadur Shastri, indicating that it was one of the rare moments when citizens wholeheartedly followed a leader’s call. He addressed government critics by stating that lighting a lamp may not eradicate Covid-19, but it certainly raised awareness and vigilance among the people.

    Shri Amit Shah emphasized that to truly understand Modi Ji’s journey, one must look beyond his tenure from 2001 to 2025 and consider his 40 years of service before that. He described Modi Ji as someone who has always prioritized the welfare of others and never used public funds for personal benefit. Shri Shah praised PM Modi for implementing bold reforms and making tough decisions that the public has continuously supported, leading to his repeated electoral victories.

    Shri Amit Shah said that the last 10 years of PM Modi’s leadership serve as the foundation for India’s next 25 years, known as “Amrit Kaal.” He believes that the efforts made in the past decade, combined with those to come, will propel India to the top position globally. He stated that no one can counter the newfound self-confidence of the Indian people. Home Minister highlighted various welfare initiatives, including providing houses to 60 crore poor people, gas connections, toilets, drinking water, free medical treatment up to ₹5 lakh, and 5 kg of free food grains, among other benefits. He credited Modi Ji with launching a revolutionary transformation in both Gujarat and Delhi.

    Shri Amit Shah said, some leaders talk about separating Southern India; in their time, they fragmented the country multiple times. He questioned them, how long will they keep dividing?

    Shri Amit Shah underscored that PM Modi’s achievements have been recognized worldwide. He pointed out that Modi Ji is the only global leader today who has been honored with the highest civilian awards from 16 different countries. Shri Shah compared Modi Ji to Mahatma Gandhi, stating that after Gandhi ji, Modi Ji is the only leader to have prioritized cleanliness on a national scale, ensuring the construction of toilets for 13 crore households.

    Reflecting on the country’s progress over the past decade, Shri Amit Shah stated that 10 years ago, India’s governance was marked by policy paralysis, whereas today, it is defined by a “politics of performance.” He expressed confidence that by 2047, India will be fully developed, will dominate the global stage, and will retain its deep-rooted cultural and national identity.

    ***

    Raj Kumar/Vivek/Priyabhanshu/Pankaj

    (Release ID: 2097768) Visitor Counter : 48

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister of State for Power and New and Renewable Energy Shri Shripad Yesso Naik chairs the 1st meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

    Source: Government of India

    Union Minister of State for Power and New and Renewable Energy Shri Shripad Yesso Naik chairs the 1st meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

    Smart Meters to be the game changers

    SERCs/ State Government to ensure timely & cost reflective tariff – DISCOMs should get fair cost of electricity

    New technologies to be adopted by DISCOMs for optimising Power Purchase Cost & Demand forecasting

    Need for innovative financing and out of the box solutions from members

    Posted On: 30 JAN 2025 9:23PM by PIB Delhi

    Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik, as chairperson of the Group of Ministers, held a virtual meeting here today with Group of Ministers constituted for addressing issues related to viability of distribution utilities. 

    Shri A. K Sharma, Energy Minister, Uttar Pradesh, Shri Gottipati Ravi Kumar, Energy Minister, Andhra Pradesh, Shri Pradyuman Singh Tomar, Energy Minister, Madhya Pradesh, Shri V Senthil Balaji, Minister of Electricity, Tamil Nadu, Smt Meghana Deepak Sakore Bordikar, Minister of State for Energy, Maharashtra and Shri Heeralal Nagar, Minister of State for Energy, Rajasthan who are the members of the Group attended the meeting. The meeting was also attended by senior officials from Central and State Government and officials from Power Finance Corporation Ltd.

    In his welcome address Energy Minister, Government of Uttar Pradesh, Shri Arvind Kumar Sharma, convenor of the Group, commended the measures taken by the Government of India for improving the operational efficiency and financial viability of the Distribution Utilities. He remarked that pro-active measures by Ministry of Power will have far reaching impact on making country’s distribution sector stronger and healthier. He advocated for adopting and investing in technology in the distribution sector. He emphasised on the need for timely and adequate payment of Government Department Dues and subsidy by the State Governments and effective redressal of consumer grievances.

    In his opening remarks, Union Minister highlighted that the financial viability of electricity distribution utilities, or DISCOMs lies at the heart of India’s energy sector and is very critical for the entire value chain. These entities are the lifeline of our electricity supply chain, connecting power generation to millions of homes, businesses, and industries. However, they face significant challenges that affect not only their financial health but also the sustainability of entire Power Sector value chain. He mentioned that year on year gap between the average cost of supply (ACS) and the average revenue realized (ARR) is eroding the financial stability of the Utilities which needs to be brought down. This gap is largely due to under-recovery of costs esp. power purchase costs, non-cost reflective tariffs, distribution losses, etc. He expressed concern about the AT&C losses which are far above the global average of 6–8% and the need to improve it by improving network, adopting new technologies and improving the billing and collection efficiency. He mentioned about the roles that each stakeholder should play in improving the viability of these utilities especially in the context of the investment required to cater to growing energy demand in the country. He further mentioned about the Gujarat DISCOMs and suggested to understand the steps taken by Gujarat distribution utilities to improve their financial performance.  

    Energy Minister, Government of Andhra Pradesh, Shri Gottipati Ravi Kumar mentioned about priority being given by the State Government for development of Renewable Energy. He also highlighted the progress made by the State under PM KUSUM and PM Surya Ghar: Muft Bijli Yojana.

    Energy Minister, Government of Madhya Pradesh, Shri Pradyuman Singh Tomar emphasised on the need for accurate energy accounting and auditing for reducing line losses and the need to have effective consumer grievance redressal mechanism at each level of Government.

    Electricity Minister, Government of Tamil Nadu, Thiru V.Senthil Balaji highlighted the reforms undertaken by the State Government and the role of Smart Metering in improving the revenues of the distribution utilities. 

    Minister of State (Energy), Government of Maharashtra, Smt. Meghana Deepak Sakore Bordikar mentioned about the initiative taken by the State under Mukhyamantri Saur Krushi Vahini Yojana which would help in improving quality of supply of power to farmers and reduce power purchase costs for utilities.

     Minister of State (Energy), Government of Rajasthan Shri Heeralal Nagar highlighted the rich renewable energy potential of the State and the projects taken by State under Hybrid Annuity Model for providing low cost day time supply of power for agricultural purposes.

    It was agreed that with rich experience of the group, innovative and out of the box solutions will be explored to steer the distribution sector on the path of financial viability. Also, it was agreed to convene further meetings in the member States.

    Group of Ministers on Viability of Distribution Utilities

    The Constitution of the GoM is as follows:

    1. Hon’ble Minister of State for Power and New and Renewable Energy, Govt. of India – Chairman
    2. Energy Minister, Uttar Pradesh- member-cum-convenor
    3. Energy Minister, Andhra Pradesh- member
    4. Energy Minister, Rajasthan- member
    5. Energy Minister, Tamil Nadu- member
    6. Energy Minister, Madhya Pradesh- member
    7. Energy Minister, Maharashtra- member

    The Terms of Reference (ToR) for the GoM are as under:

    1. Analyze debt scenario in key States
    2. Identify parameters that need to be monitored to ensure borrowings are productive
    3. Identify States that are in urgent need for liquidity support and design a fiscal discipline program to enable them to avoid a debt trap.
    4. Recommend guidelines for investment plan with respect to capital expenditure targeted at overall improvement – ensure adequate technical and financial due-diligence, equity investment by State Government, suitable mechanism for realization through tariff.
    5. Suggest measures for improvement in the overall health of the distribution sector to attract further investment from private participants in the value chain

    The GoM would submit its report in three months.

    ****

    JN/ SK

     

    (Release ID: 2097756) Visitor Counter : 69

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: National Archives of India Hosted Special Exhibition on Mahatma Gandhi

    Source: Government of India

    Posted On: 30 JAN 2025 8:23PM by PIB Delhi

    On the occasion of Martyrs’ Day, the National Archives of India (NAI), in collaboration with the National Gandhi Museum, the National Film Archives of India- NFDC and Prasar Bharati Archives, successfully hosted a special exhibition titled “Journey of the Mahatma: Through His Own Documents.”

    The exhibition was inaugurated by Shri Arun Singhal, Director General, National Archives of India, in the absence of Ms. Tara Gandhi Bhattacharjee, Grand-daughter of Mahatma Gandhi and Chairperson, National Gandhi Museum, who was unable to attend due to a sudden health issue.

     

    Dr. A. Annamalai, Director, National Gandhi Museum, delivered the welcome address, followed by the presidential address by Shri Arun Singhal. Dr. Sudha Gopalakrishnan, Executive Director, India International Centre, New Delhi, and Dr. Michael A. Pal, Director, Austrian Cultural Forum, New Delhi, graced the occasion as Guests of Honour, appreciating the joint efforts of the National Archives of India and the National Gandhi Museum, in collaboration with the National Film Archives of India- NFDC and Prasar Bharati Archives. The event concluded with a vote of thanks delivered by Shri Naoroibam Raju Singh, Deputy Director (i/c), National Archives of India.

     

    On this occasion, a flipbook titled “Special Exhibition: Journey of the Mahatma – Through His Own Documents, Audio and Video” was also released.

    The exhibition offered a unique glimpse into Mahatma Gandhi’s life and legacy through rare photographs, documents, and recordings. It featured 30 panels on his education, time in South Africa, key Indian freedom movements. It also highlighted his work for social justice, communal harmony, and peace during Partition.

    The exhibition is open to the public until 28th February 2025, attracting citizens, students, historians, and Gandhi enthusiasts, providing valuable insights into Gandhi’s philosophy of nonviolence, justice, and peace.

    ****

    Sunil Kumar Tiwari

    E-mail: pibculture[at]gmail[dot]com

    (Release ID: 2097729) Visitor Counter : 68

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 364 trains operated from Prayagraj on Mauni Amavasya by Railways: Shri Ashwani Vaishnaw

    Source: Government of India

    364 trains operated from Prayagraj on Mauni Amavasya by Railways: Shri Ashwani Vaishnaw

    Follow the instructions of the administration for safe and smooth travel:Shri Vaishnaw

    Posted On: 30 JAN 2025 6:38PM by PIB Delhi

    Indian Railway operated 364 outward trains from various stations of Prayagraj for the convenience of the devotees returning home after taking holy dip in Sangam on the day of Mauni Amavasya, this is a new record of trains run in a single day during Prayagraj Mahakumbh. Along with this, 77 inward trains were also operated by the Railways during this period. Outward trains included 142 regular and 222 Mahakumbh Mela special trains.

    While addressing the media in New Delhi, Union Railway Minister Shri Ashwini Vaishnav today said that 364 trains were operated from Prayagraj on the day of Mauni Amavasya. The team of all the senior officials of the Railways is monitoring the entire situation in real time from the war room located in Rail Bhavan, trains are being operated in constant coordination with the state government. Chairman & CEO,Railway Board and the GMs of all the three Railway Zones are in touch with the Mela administration and the State government to ensure smooth travel of the devotees to their homes. He has requested all the devotees who have come for Sangam Snan (Bath) to follow the instructions given by the administration. The Railways has created large holding areas for the passengers where they can sit and wait for the train in their area. After that, leave for the railway station to board the train as per the instructions given by the administration.

    On Mauni amavasya, 280 trains were operated by North Central Railway, including inward and outward, while North Eastern Railway operated 73 trains and Northern Railway operated 88 trains. North Central Railway operated the highest number of 157 Maha Kumbh Mela special trains. Northern Railway operated 28 and Northeast Railway operated 37 trains. Indian Railways is operating 360 special trains today to ensure the safe and comfortable return of devotees to their homes.

    During the entire period of the Mela, the Railways has planned to operate about 13,450 trains, which includes 10,028 regular trains and more than 3400 special trains. So far, more than 1900 special trains have been operated. Railways has clarified that all trains are being operated as per plan. In the light of the information given earlier, some trains are being run by changing the route while the terminal station of some trains has been changed to Subedarganj instead of Prayagraj.

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    Dharmendra Tewari/Shatrunjay Kumar

    (Release ID: 2097683) Visitor Counter : 78

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